fxs_header_sponsor_anchor

Crypto analysts warn of Andrew Tate's DADDY coin as signs of insider trading mount

  • On-chain data tracker Bubblemaps identified insider trading activity in the token DADDY, Andrew Tate holds 40% of the supply.
  • Crypto analysts slam meme coins launched by celebrities on Ethereum and Solana.
  • JENNER, DADDY, MOTHER and TOPG are the trending celeb coins, gaining popularity on social media platforms like X.

Several crypto analysts warned on Friday about the dangers of trading with the so-called “celebrity coins”, the current leading narrative in the meme coin space. Social media influencer Andrew Tate’s DADDY token, which is among the most popular ones, has been surrounded by accusations of insider trading activity.

Caitlyn Jenner’s JENNER, Iggy Azalea’s MOTHER and TOPG are other tokens in the category, based on meme coins referencing famous personalities that tend to endorse these tokens. 

Crypto data trackers identify insider activity in DADDY

Bubblemaps, a crypto data tracker, evaluated the on-chain activity in addresses holding DADDY token and noted that Solana-based token’s 40% supply was sent to the celebrity Andrew Tate. 

The platform believes there is insider trading in wallets associated with DADDY. Insiders allegedly bought 30% of the token’s supply at launch, prior to Andrew Tate’s promotion of the token on X. 

Insiders were sitting on unrealized gains of $45 million as of Tuesday, Bubblemaps says. 

An analyst behind the X handle @CredibleCrypto said these celebrity tokens are likely “short term money grabs,” asking traders to stop paying attention and validation to such projects. 

Ansem, the analyst behind the X handle @blknoiz06, criticized Andrew Tate and DADDY token for the alleged insider activity.

At the time of writing, Caitlyn Jenner (JENNER) price added nearly 5% in the past 24 hours, according to data from CoinGecko. Mother Iggy (MOTHER) is down nearly 15% in the same time frame, while Daddy Tate (DADDY) trades nearly unchanged. TOPG gained nearly 5% in the past 24 hours. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.