Memecoins shared by famous name hit rock bottom: Crisis grows!

A large portion of memecoins supported by social media phenomenon Andrew Tate have been reset to zero.

Andrew Tate was previously accused of insider trading and manipulating the cryptocurrency market.

Most of the memecoins supported by the controversial social media figure hit rock bottom, raising concerns about the possibility of insider trading.

Tate joined the memecoin movement on the Solana network on June 7 and shared more than 10 tokens on his social media account. However, according to Bubblemaps' X post on October 19, most of these tokens lost 99 percent of their value shortly after Tate's post.

Andrew Tate first bought $GER (Germany Token). He held 30 percent of the supply and the price fell 99 percent in two months. Not only Tate, but also many memecoins shared by celebrities such as 50 Cent, Caitlyn Jenner, and Iggy Azalea have fallen to zero.

Most other cryptocurrencies backed by Tate have lost over 90 percent of their value. These include FTRISTAN, TopG (TOPG), RNT (RNT), and Daddy Tate (DADDY).

In June, more than 30 celebrity-backed tokens produced on the Solana network saw their prices drop by 73.23 percent. UFC competitor Khamzat Chimaev’s Smash (SMASH) token was also the target of insider allegations after it was revealed that 78 percent of the token supply was purchased by wallets related to the project team and the developer.

The vast majority of celebrity-backed memecoins have fallen by at least 66 percent in the first week of their launch. These include Caitlin Jenner (JENNER), Timeless Davido (DAVIDO), and Rich The Kid (RICH).

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