An anonymous wallet purchased 30% of the Daddy tokens before Andrew Tate started promoting it, as claimed by the Bubblemaps’ analysis.
Andrew Tate, a controversial social media star, promoted the Daddy token, which left the mother token, launched by rapper Iggy Azalea, behind. She accused the Daddy token‘s success by claiming that there was someone from inside who purchased Daddy tokens.
Daddy Token is based on the Solana blockchain, which started its promotion on June 11 and reached the $300 million mark in market cap. The token is trading at $0.30, up 218% since its launch, as per the data collected from Dexscreener.
The Mother token dropped its market cap to almost 50%, dropping from $267.58 million to $153 million. It also encountered a significant price drop from $0.27 to $0.15, as per the data taken from Dexscreener.
Crypto analytics firm Bubblemaps stated that they “found huge insider activity” in a 12 June post
“Insiders bought 30% of the supply at launch before Andrew Tate started to promote it on X,” it said.
Bubblemaps claims that before Tate’s first promotion on X, 11 wallets purchased almost 20% of the Daddy tokens, which were funded through Binance, and they purchased almost equal amounts of tokens at the same time. Right now, those tokens are worth $61.4 million.
They further added that they are not sure if all the wallets belong to a single entity, but “the timing and amounts strongly suggest they do.”
With a small number of holders, holding 20% of the total tokens is dangerous, as if one wallet sells the tokens, it will result in the crash of the token.
It is assumed that another wallet holds almost 10% of the token worth $30 million, which was also purchased before the token promotion.
Bubblemaps revealed that Tate had not touched the 40% of the token supply he holds, worth about $122.8 million, and warned that he “could start selling at any moment.”
In response, Tate stated that he would “never sell what was sent to my wallet; I will only burn and buy.”
Last month, the analytics firm reported similar activity with MOTHER, claiming that insiders bought 20% of its supply at launch before Azalea mentioned the token.
