Andrew Tateinspired meme coin reaches new high with 34000 cryptocurrency token holders
Meme cryptocurrency, DADDY Tate (DADDY), associated with former kickboxer and social media influencer Andrew Tate, continues to achieve new milestones despite ongoing controversies. The number of holders of this meme coin has notably increased, reaching 34,266 as of June 17, according to the latest data from Solscan.
An analysis of the holders reveals that a majority of the tokens are concentrated in a few addresses. Approximately 25.23% of DADDY’s supply is held by 10 addresses, while the remaining 74.76% is distributed among other holders, totaling 448,045,509.21 tokens.
The recent success of the Solana (SOL)-based token has raised concerns about insider trading, with Bubblemaps, an on-chain analytics firm, releasing controversial data suggesting that insiders purchased 30% of the supply at the token’s market launch, just hours before Tate began promoting it on X. Additionally, Bubblemaps indicated that Tate transferred 40% of the total supply to a wallet, but assured not to sell any of his tokens.
Despite these achievements, worries persist about a potential crash if Tate decides to sell his holdings, valued at over $60 million. Similar incidents have occurred with other celebrity-associated meme coins, such as the MOTHER token linked to rapper Iggy Azalea, which experienced a significant crash from its all-time high, allowing DADDY to surpass it in market capitalization.
Tate has expressed his commitment to boosting the token’s market capitalization to $1 billion and has claimed that once the market cap reaches a level where the 40% he holds is valued at $100 million, he will burn it.
In terms of price analysis, DADDY has seen a notable price decline with high volatility and significant downward movement. Despite a slight recovery towards the end of the period, the overall trend remains negative. At the time of writing, DADDY has corrected nearly 22%, with a less than 1% decline over the past 24 hours, trading at $0.18.
Looking at the weekly chart, initial support was seen around the $0.24 level, which eventually failed. The price then found temporary support at $0.15 before a slight recovery, currently facing resistance at $0.20.
Disclaimer: The content provided should not be considered as investment advice. Investing carries risks, and your capital is at stake.
