Andrew Tate, a controversial social media personality, has seen his cryptocurrency token, Daddy Tate (DADDY), outperform rapper Iggy Azalea’s token, Mother Iggy (MOTHER), despite allegations of insider trading. Daddy Tate, a Solana-based memecoin promoted by Tate since June 11, has reached a market capitalization of $300 million and is trading at $0.30, marking a 218% increase in the last 24 hours, according to DEX Screener.
In contrast, Mother Iggy token’s market cap has dropped from a peak of $267.58 million on June 6 to around $153 million, with its price falling from $0.27 to $0.15. Despite this, it has seen a 7% increase in the last day.
There have been concerns raised about insider trading activity surrounding Daddy Tate, with analytics firm Bubblemaps highlighting suspicious activity related to the token. According to Bubblemaps, insiders purchased 30% of the token supply before Tate began promoting it on social media. Additionally, 11 wallets bought up 20% of the DADDY token supply before Tate’s first post, raising questions about potential manipulation.
Bubblemaps also pointed out that a small group of wallets hold a significant portion of the token’s supply, which could lead to liquidity issues if they decide to sell. Tate, who currently holds 40% of the token supply, responded to the allegations by stating that he would not sell the tokens in his wallet, only burn and buy more.
This controversy comes after Bubblemaps reported similar insider trading activity surrounding Mother Iggy token, with insiders buying 20% of the supply before Azalea promoted it. Despite these challenges, Daddy Tate has seen significant growth, surpassing Mother Iggy in market performance.