Usman Salis
Andrew Tate's DADDY token has surged past Iggy Azalea's MOTHER token in market capitalization, amid claims of insider trading activity involving 30% of DADDY's supply.
Andrew Tate's DADDY Token Overtakes MOTHER
In a surprising turn of events in the crypto world, Andrew Tate's promoted token, Daddy Tate (DADDY), has surpassed rapper Iggy Azalea's Mother Iggy (MOTHER) token. Despite allegations of insider trading, DADDY's market capitalization has reached $300 million, with its price soaring by 218% in the last 24 hours to $0.30, according to DEX Screener.
The rise of DADDY has not been without controversy. Crypto analytics firm Bubblemaps has accused the token of significant insider activity. On June 12, Bubblemaps revealed that 30% of DADDY's supply was purchased by a few wallets before Andrew Tate began promoting it on X (formerly Twitter).
Details of the Alleged Insider Activity
Bubblemaps' analysis indicates that 11 wallets acquired 20% of the DADDY token supply on June 9, just days before Tate's promotion. These purchases, now valued at approximately $61.4 million, were all funded through Binance in nearly identical amounts at the same time, suggesting coordinated activity. The firm also noted that these wallets, in combination with others, control 30% of the token's supply, raising concerns about market manipulation and liquidity risks.
Meanwhile, Iggy Azalea's MOTHER token has seen a decline. From its peak market cap of $267.58 million on June 6, MOTHER's value has nearly halved to around $153 million. Its price has also dropped from a high of $0.27 to $0.15, despite a 7% increase in the last day. This downturn contrasts sharply with DADDY's meteoric rise.
Andrew Tate's Response to Allegations
In response to the allegations, Andrew Tate has denied any intention of selling his DADDY holdings. He posted on X, asserting, "I will never sell what was sent to my wallet, I will only burn and buy." Despite his claims, the concentration of DADDY tokens in a few wallets remains a point of concern for investors.
Interestingly, Bubblemaps has also identified similar insider trading patterns in the MOTHER token. In May, the firm reported that insiders bought 20% of MOTHER's supply before Azalea's initial promotion. This pattern of pre-promotion purchases has raised broader concerns about the integrity of newly launched tokens endorsed by celebrities.
Conclusion
As DADDY and MOTHER tokens continue to draw investor interest, the allegations of insider trading loom large. The crypto community remains watchful, and wary of the potential for market manipulation.
While Andrew Tate's DADDY token enjoys a significant market cap and rapid price increase, the scrutiny and potential risks highlighted by Bubblemaps' analysis cannot be ignored. The future trajectory of these tokens will likely depend on both market dynamics and the transparency of their promoters.
Usman Salis
