In the realm of celebrity-endorsed virtual currencies – the memecoins – a new player has entered the fray. Andrew Tate, a controversial figure in various circles, has embraced the fresh-off-the-block Daddy Tate (DADDY) token. Its recent launch notwithstanding, DADDY has managed to take strides ahead of rival celebrity-endorsed memecoin MOTHER, which is under the patronage of pop sensation Iggy Azalea.
Before delving further into his dalliance with DADDY, it’s essential to understand Andrew Tate’s status. Half-kickboxing champion, half-provocateur, Tate confessed he didn’t hold any DADDY tokens before the endorsement, despite being aware of the hundreds of memecoins crafted in his likeness. A few days later, he flamboyantly invited famed cryptocurrency trader Ansem to a boxing match, somewhat blithely claiming this was his way of “cycling”. The stakes for the match? A cool $10 million for the loser to donate to a token determined by the winner.
Granted, Tate’s tactics did not go unnoticed by the crypto-community. Some likened Crypto Twitter to a new version of YouTube while others derided the daily deviations from divine guidance. Amid these reactions, Tate vigorously promoted Daddy Tate. The marketing techniques raised eyebrows and were at times regarded as controversial, with some claiming they consisted of sexist undertones and domestic violence punchlines.
Yet, controversy notwithstanding, the true fear for investors began brewing when the eye of suspicion fell on DADDY for alleged insider trading. Bubblemaps, a renowned crypto analytics firm, claimed that “huge insider activity” plagued the token. The analysts reported the suspected acquisition of 30% of the token’s supply at its launch by insiders. This happened even before Tate began promoting DADDY.
In a further turn of events, another accusation was levied – that of a hefty 40% of DADDY’s supply being handed over to Tate shortly after launch, with a promise that it wouldn’t be sold. Bubblemaps also noted 11 wallets, holding 20% of the supply, set up nearly simultaneously with virtually identical balances. According to them, these wallets allegedly bought tokens worth around $30 million, just before the token marketing gears started churning. Bubblemaps was quick to urge investors to practice caution given its contention that these insiders seemed dangerously active.
Regardless of the controversy and potential insider trading allegations, the DADDY memecoin made waves, surpassing MOTHER. After a rather bumpy ride, DADDY’s market capitalization swelled to $280 million, despite trading at $0.1499 with a modest $45 million market capitalization at the time of Tate’s endorsement.
Since then, DADDY has experienced a 143% surge within 24 hours, reaching an all-time high of $0.36 and eclipsing MOTHER. However, the token has since taken a 32% tumble, down to $0.24, with a market cap of $240 million.
On the other side of the fence, MOTHER too, exhibited a sprightliness surprising many. The token, endorsed by Iggy Azalea, saw a 46% surge, propelling its price from $0.15 to $0.22. However, the memecoin couldn’t maintain the momentum and slid to the $0.14 range before a slight recovery. Even after a 40% dip from its all-time high, MOTHER still manifests a staggering 1,900% increase since its launch a fortnight ago.
