Bubblemaps, a blockchain analytics platform, has accused Andrew Tate of being involved in insider trading within memecoin projects he has recently promoted.
Come to $DADDY
According to Bubblemaps, there has been huge insider trading activity related to the memecoin projects linked to Andrew Tate, and whey shared their findings on social media, it sparked a lot of reactions.
Some people are outraged by the alleged insider trading, while others believe that such practices are pretty typical in the memecoin world.
In a detailed post on June 12, Bubblemaps claimed that insiders bought 30% of the $DADDY coin supply at launch, totaling over $45 million across 21 different wallets.
On June 9, a transaction transferred 40% of the $DADDY supply to Tate’s wallet before he started promoting the coin on social media.
Tate has publicly stated that he will not sell any tokens and continues to hold them.
Big purchases right before the announcement
On-chain data revealed that several wallets bought about 20% of the $DADDY supply before the project was announced.
Bubblemaps highlighted that 11 wallets, funded through Binance with nearly identical amounts, bought 20% of $DADDY on June 9, just before Tate’s first tweet about the coin, making the situation highly suspicious.
These wallets now hold approximately 19% of the total supply, valued at $30 million.
Bubblemaps suggested that these wallets might belong to the same person, or same group based on the timing and amounts of the transactions, although this cannot be confirmed with absolute certainty.
Next to this, they found two other wallet clusters, linked through a specific address, bought 10% of the supply before Tate’s promotional activities, and these clusters currently hold tokens worth $16 million.
Bubblemaps noted that while Tate hasn’t sold his tokens, the 40% supply he holds, valued at $64 million, could impact the market if sold.
Diamond hands
It’s undeniable Bubblemaps has found suspicious activity in these wallets, there is no direct evidence linking them to Tate or any of his associates. The findings are based on patterns observed in transactions.
In response to these allegations, Tate took to social media to reiterate his commitment not to sell the tokens sent to him.
He assured his followers that he would only burn or buy more tokens.
“I will never sell what was sent to my wallet, I will only burn and buy. Forever. Diamond hands.”
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