Meme coin inspired by Andrew Tate attracts record 34000 cryptocurrency token holders
Meme cryptocurrency Daddy Tate (DADDY), associated with former kickboxer and social media personality Andrew Tate, continues to make waves despite ongoing controversies. The number of DADDY holders has seen a significant increase, reaching 34,266 as of June 17, according to the most recent data from Solscan.
A closer look at the holders reveals that a large portion of the tokens is concentrated in a small number of addresses. Specifically, 25.23% of DADDY’s supply is held by 10 addresses, with the remaining 74.76% distributed among other holders totaling 448,045,509.21 tokens.
The success of the Solana (SOL)-based token has raised suspicions, particularly regarding claims of insider trading. Bubblemaps, an on-chain analytics firm, provided controversial data indicating that insiders purchased 30% of the supply at market launch, just hours before Tate started promoting the token on X. Additionally, Bubblemaps reported that Tate transferred 40% of the total supply to a wallet but assured he would not sell any of his tokens.
There are concerns about a potential market crash if Tate decides to sell his holdings, which are currently valued at over $60 million. Similar incidents have occurred with other celebrity-associated meme coins, like the MOTHER token linked to rapper Iggy Azalea, which experienced a significant crash from its all-time high, allowing DADDY to surpass it in market capitalization.
Despite the challenges, Tate has expressed his commitment to boosting the token’s market capitalization to $1 billion. He has also stated that once the market cap reaches a point where the 40% he holds is valued at $100 million, he will burn it.
In terms of price analysis, DADDY has seen a notable decline in price, marked by high volatility and significant downward movements. While there has been a slight recovery in recent trading, the overall trend remains negative. Currently, DADDY is trading at $0.18, down almost 22% from previous levels.
Looking at the weekly chart, initial support was seen around the $0.24 level before dropping to $0.15 and then recovering slightly. The token now faces resistance at $0.20.
It’s important to note that the information provided should not be taken as investment advice. Investing in cryptocurrencies is speculative and comes with risks to your capital.