Suspicious activity flagged around Andrew Tate’s “Daddy” token launch.
Large token purchases before promotion raise market manipulation concerns.
Investors cautioned against “Daddy” token due to potential risks.
Blockchain analytics platform Bubblemaps has identified suspicious insider activity surrounding the launch of Andrew Tate’s “Daddy” token (DADDY), raising concerns about potential market manipulation.
1/ We found huge insider activity on $DADDY 🚨Insiders bought 30% of the supply at launch, before Andrew Tate (@Cobratate) started to promote it on X, and are currently sitting on $45M+A thread 🧵 ↓ pic.twitter.com/UyB4SpAs9Z
— Bubblemaps (@bubblemaps) June 12, 2024
According to the blockchain data platform, insiders acquired 30% of the Daddy token’s supply at launch before Tate publicized it. These insiders allegedly hold Daddy tokens worth more than $45 million. Following this post, Tate blocked Bubblemaps on the X platform.
classic alpha male response https://t.co/KBDr0UmRPJ pic.twitter.com/lj5MGnZJh9
— Bubblemaps (@bubblemaps) June 12, 2024
Daddy’s deployer address transferred 40% of the Daddy token to Tate at approximately 21:42 UTC on June 9. The prominent social media personality subsequently bought and burned $10,000 worth of Daddy tokens. Although Tate has not sold tokens, Bubblemaps highlighted other questionable insider transactions that could influence market trends.
Even before the first post about Daddy Token on June 9, 11 wallets had bought 20% of DADDY’s token supply. On-chain data revealed that these wallets purchased identical tokens within 10 minutes through the Binance platform.
Although Bubblemaps could not confirm the identity of the wallet owners, it maintained that the “timing and amounts” suggested ownership by the same group. The wallets currently hold approximately 19% ($30 million) of DADDY’s supply, and a sell-off from a single wallet could significantly impact the token’s liquidity.
Additionally, insights from Solscan show that two other wallet clusters, connected through wallet “4SfQWh,” hold 10% of the Daddy token’s total supply. Altogether, these tokens are currently worth $16 million. Like the first instance, these clusters purchased the tokens before Tate’s first X post on DADDY. Meanwhile, Tate has yet to burn his 40% holding worth $64 million and could sell off at any moment. Bubblemaps wrote:
”While Cobratate hasn’t sold his tokens, insiders seem to be active on $DADDY and are trying to cover their tracks. One of these wallets could nuke the liquidity pool.”
The blockchain data platform urged market participants to exercise caution when investing in the Daddy tokens.
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