Huge Insider Trading Allegation in Memecoin Advertised by Andrew Tate

Memecoin, introduced by Andrew Tate, one of the controversial figures of social media, came to the fore with insider trading allegations.

Andrew Tate's promoted Daddy Tate (DADDY) memecoin has surpassed the market cap of Iggy Azalea's memecoin, MOTHER.

According to Dex Screener data, DADDY's total market value approached $240 million. DADDY gained more than 5x value in a few days.

Insider trading claims

Cryptocurrency analysis company Bubblemaps claimed that there was insider trading in Andrew Tate-backed memecoin.

DADDY's developers sent 40% of the total DADDY supply to Andrew Tate's address on June 10 at 00:24. Tate took DADDY, worth $10,000 at the time, out of circulation by burning it. Tate, as promised, did not sell tokens.

According to Bubblemaps, the problem is that 11 addresses that withdrew money from Binance received 20% of the total supply before Andrew Tate started advertising the project.

Bubblemaps said, “Since these are funded by Binance, we cannot 100% confirm that they all belong to the same group. But the timing and amounts of the transactions point to this,” he said.

These addresses, which took 20% of the total supply before Andrew Tate's tweet, hold $45 million worth of DADDY. The Bubblemaps team warned:

“Although Andrew Tate did not sell tokens, insiders appear to be active in DADDY and are trying to cover their tracks. A single one of these wallets can nuke the liquidity pool. “Also, Andrew Tate has not burned through his 40% supply, which means he could sell at any time, too.”