Blockchain analytics platform Bubblemaps has alleged insider trading activity in meme currency projects promoted by Andrew Tate and Iggy Azalea.
The allegations, detailed in a thread dated June 12, revealed that when the DADDY coin was launched, insiders allegedly took 30% of the token’s supply, amounting to more than $45 million spread across 21 wallets.
DADDY INSIDE TRADING ALLEGATIONS
On June 9, a transaction transferred 40% of DADDY’s supply to Andrew Tate’s wallet shortly before he began promoting the coin on his social media platforms.
On-chain data from Bubblemaps reveals that 11 wallets, funded through Binance with almost identical amounts simultaneously, bought 20% of DADDY on June 9, before the project was officially announced. These portfolios now collectively hold approximately 19% of the total supply, worth $30 million.
The company suggested that the linked wallets likely belong to the same group, although it admitted, “Since they… [the wallets] They were funded through Binance, and we cannot be 100% sure that they belong to the same group. However, the timing and amounts strongly suggest that they do.”
Bubblemaps also revealed two additional pools, linked via a specific wallet, accounted for 10% of the exposure, worth $16 million, before Tate began his promotional efforts.
The company warned that any sales of unburned sets and Tate tokens, which make up 40% of the total supply, could impact the liquidity of the coin.
Tate responded to the accusations, stressing: “I will never sell what was sent to my wallet, I will only burn and buy.” Forever. Diamond hands.”
According to DEXScreener, Daddy Tate Coin (DADDY) has seen its market capitalization rise, reaching $259 million, and is currently trading at $0.25, a triple-digit increase over the past 24 hours.
Allegations of insider trading by the mother
Bubblemaps has also previously implicated Iggy Azalea in similar activities related to the MOTHER coin. The company claimed that insiders bought 20% of MOTHER’s supply at launch and subsequently sold $2 million worth of tokens.
Their investigation focused on a wallet that purchased 109 trillion MOTHER tokens before distributing them to seven other tokens. Most of that money was sold, resulting in a profit of $1.4 million, and the rest is worth about $400,000 as of last update. This wallet also transferred funds to other wallets that collectively earned about $800,000 by selling about 8% of the token supply.
The market cap of the Mother Iggy (MOTHER) token has fallen from its peak of $267.58 million on June 6 to around $158 million. Its price similarly dropped from a high of $0.27 to the current trading price of $0.148, a decline of 6.45% over the past 24 hours.
At the same time, these allegations have sparked controversy within the cryptocurrency community. Some consider the incident an example of a “good insider launch,” while others argue that “there is no such thing as a fair meme launch,” implying that such events are normal.