The world of cryptocurrency has always been filled with controversies and scandals, and the latest allegations of insider trading in meme coin projects promoted by Andrew Tate and Iggy Azalea have once again brought the issue to the forefront. Blockchain analytics platform Bubblemaps recently came forward with claims of suspicious activity surrounding the launch of the DADDY and MOTHER coins, raising questions about the fairness and transparency of these projects.
Bubblemaps detailed their findings in a June 12 thread, revealing that insiders allegedly acquired a significant portion of the token supply for the DADDY coin at launch, amounting to over $45 million distributed across multiple wallets. On June 9, a transaction moved 40% of the DADDY supply to Andrew Tate’s wallet just before he started promoting the coin on social media. Additionally, 11 wallets funded through Binance purchased 20% of DADDY on the same day, collectively holding $30 million worth of tokens. Bubblemaps suggested that these wallets may belong to the same group based on the timing and amounts of their purchases.
In response to the allegations, Tate claimed that he would not sell any tokens sent to his wallet, only burn and buy, with the assurance of “diamond hands.” Despite the controversy, the DADDY coin saw a surge in market capitalization, reaching $259 million and trading at $0.25, marking a triple-digit increase within 24 hours. However, Bubblemaps also implicated Iggy Azalea in similar activities involving the MOTHER coin, where insiders allegedly purchased a significant portion of the supply at launch and made profits from selling tokens. The market cap of the MOTHER token has decreased from its peak, with the price also experiencing a decline.
The allegations of insider trading in these meme coin projects have sparked debate within the crypto community. Some view such incidents as a “good insider launch,” while others argue that there is no such thing as a fair launch in meme coins, suggesting that such practices are commonplace in the industry. The controversy surrounding DADDY and MOTHER coins raises concerns about the integrity of these projects and the potential impact on investors.
As the cryptocurrency market continues to evolve, allegations of insider trading and market manipulation remain a significant challenge. The case of DADDY and MOTHER coins serves as a reminder of the importance of transparency and fairness in the industry. Investors and regulators must remain vigilant against such practices to ensure the integrity and stability of the market.
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