Daddy Tate (DADDY)
Daddy Tate, also known as the $DADDY memecoin, is a Solana-based cryptocurrency token. It was launched on June 9, 2024, and quickly garnered attention, achieving a significant market presence within a few days. The token is promoted by Andrew Tate, a well-known social media influencer.
Andrew Tate's involvement
Upon its launch, Andrew Tate expressed his support for the DADDY memecoin, aiming to rival another memecoin introduced by rapper Iggy Azalea. He shared his reasons for supporting the project, highlighting the cultural aspect, the humor involved, and the unique experience it offers. During a livestream, he also announced his intention to burn his DADDY tokens to enhance their value.
Token burning strategy
| Ticker | DADDY |
| Category | Solana Ecosystem |
| Website | https://daddysuniversity.com/ |
| Telegram | daddytatecto |
| Contract Addresses | |
|---|---|
| solana | 4C...mp Copied! |
In a significant move, Andrew Tate conducted a live stream event where he burned over $100 million worth of DADDY tokens. This action was intended to increase demand and elevate the token's market value. Tate described the burning as a pivotal moment in the crypto landscape.
Controversy surrounding Daddy Tate
Token burning and insider activities
Prior to the launch of the DADDY memecoin, Andrew Tate was involved in burning a substantial amount of Solana-based TOPG tokens. He received these tokens as a donation and aimed to create a stir in the cryptocurrency community. Tate emphasized that his actions were meant to send a message rather than focus on financial gain.
Insider transactions
Blockchain data platform Bubblemaps reported unusual activities related to the DADDY token. According to their findings, insiders acquired a significant portion of the token supply before its promotion on social media. This raised questions about the transparency and integrity of the market. Further transactions indicated large token purchases prior to public announcements, suggesting active insider participation.