The memecoin $DADDY, promoted by controversial figure Andrew Tate, has surged by 45.8% in the last 24 hours, according to CoinGecko.
Based on the data from the platform, $DADDY’s trading activity has seen a significant uptick, as its 24-hour volume skyrocketed by 127.84% to $451,573. The volume-to-market cap ratio stands at 9.85%, indicating active trading and investor interest.
This spike in trading activity for the memecoin follows serious insider trading allegations by on-chain analytics platform Bubblemaps. The analytics platform recently released an investigative report that revealed that insiders acquired 30% of the $DADDY token supply at its launch, just before Tate’s heavy social media promotion.
According to Bubblemaps, these insiders now reportedly control a significant portion, worth over $45 million, of the memecoin’ circulating supply of 1,000,000 tokens.
The platform also claimed that the memecoin’s deployer address, at launch, sent 40% of the token supply to Tate. Although he bought and burned $10,000 worth of tokens, he still holds a substantial share, representing $100 million. Two clusters of wallets, connected through a single address, hold 10% of the total supply, worth approximately $16 million.
In response to Bubblemaps’ allegations, Tate posted:
“Real Gs know that their money is safe with a real G. Scamming jeets don’t trust anyone because they think everyone is a scammer jeet like them. You see yourself in others. I will never sell what was sent to my wallet, I will only burn and buy. Forever. Diamond hands.”
Notably, the exposé led Tate to block Bubblemaps on X.
Despite the controversy, $DADDY, a Solana-based memecoin, reached a $300 million market cap and experienced a 200% increase over the past day, according to DEX Screener. The token’s price currently stands at $4.62, reflecting a 56.24% increase over the last day.
Disclaimer: The prices and market data for the $DADDY token mentioned in this report are accurate as of the time of writing. Cryptocurrency markets are highly volatile and subject to rapid changes. Readers are advised to check the latest prices and market conditions from reliable sources before making any financial decisions.
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