- 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.
— Bubblemaps (@bubblemaps) June 12, 20241/ We found huge insider activity on $DADDY
Insiders bought 30% of the supply at launch, before Andrew Tate (@Cobratate) started to promote it on X, and are currently sitting on $45M+
A thread ↓ pic.twitter.com/UyB4SpAs9Z
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.
— CrediBULL Crypto (@CredibleCrypto) June 14, 2024Generally try to avoid comments on this stuff because I think for the most part it doesn't need explaining but seeing enough of it on the TL that I think its worth stating:
When full teams who work in this space daily take years to develop a legitimate project you think a celeb…
Ansem, the analyst behind the X handle @blknoiz06, criticized Andrew Tate and DADDY token for the alleged insider activity.
— Ansem (@blknoiz06) June 12, 2024this dude is a broke larp on trial for rape & sex trafficking charges, he is only saying "i will burn all of the money" because he is buying from other addresses not publicly his
if yall support this token i will have lost all faith in CT, dont be retarded https://t.co/f8qMDltrJZ
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.
Cryptos feed
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
