The crypto token sponsored by social media personality Andrew Tate outperformed that of rapper Iggy Azalea, even amid allegations of substantial insider trading. Tate’s Solana-based memecoin, Daddy Tate (DADDY), achieved a value of $300 million and was priced at $0.30 at the time of writing. This was an impressive 218% increase from the day before according to data from DEX Screener.
In contrast, Azalea’s Mother Iggy (MOTHER) token was not faring as well. After peaking at a market capitalization of $267.58 million on June 6, it had decreased to around $153 million. The trading price, which had hit a high of $0.27 on June 6, had also fallen to $0.15. However, it still showed an increase of over 7% over the past day.
Nevertheless, the success of the DADDY token has not been without issues. Crypto analytics firm Bubblemaps has pointed to significant insider activity related to the token. According to the firm, insiders acquired 30% of the DADDY supply at its launch and before Tate began advocating for it.
Bubblemaps also suggested that 11 wallets purchased 20% of the DADDY token supply on June 9, just before Tate’s first public endorsement. This share is now believed to be worth around $61.4 million. All purchases were made through Binance with almost identical amounts at the same time. Whilst the firm could not definitively link these wallets to a specific group, the timing and near-identical amounts of the transactions suggested a strong connection.
Finally, Bubblemaps warned of a risk of liquidity crash if one wallet decided to sell due to the concentration of ownership. Furthermore, it reported that approximately $30 million of the token supply, or around 10%, held by additional wallets connected to the insider group was also purchased before Tate’s first promotion. Meanwhile, Tate held 40% of the token supply, worth about $122.8 million, which he denied any intention to sell, promising instead only to ‘burn and buy’. A similar accusation of insider activity was directed by Bubblemaps towards Azalea’s MOTHER token back in May.