Crypto News Today- Andrew Tate Engages in $114 Million DADDY Meme Coin Burn
Crypto News– Despite Andrew Tate’s dramatic gesture, described during a live stream as legendary and a world-changing event, the actual market impact is nuanced. The burned coins were valued at nearly $114 million, but this figure exists primarily on paper.
DADDY’s liquidity in the market is currently only around $2.5 million. Had Tate opted to sell these meme coins instead of burning them, it could have led to a significant decrease in their value, akin to a rug pull.
In a Twitter post on X, Tate hinted at his vision for DADDY to achieve a $1 billion market cap. Currently, DADDY’s market cap is approximately $165 million, according to data from DEX Screener. This ambitious goal contrasts sharply with recent insider activities, potentially setting the stage for volatile market fluctuations.
Andrew Tate Executes $114 Million DADDY Meme Coin Burn
Additionally, Bubblemaps, a blockchain data analytics firm, shed light on the situation by identifying suspicious trading patterns surrounding the launch of DADDY. Prior to Andrew Tate’s promotional efforts, insiders allegedly accumulated 30% of DADDY’s total supply.
Although wallets funded through Binance were involved, conclusive links couldn’t be established, yet their synchronized activities indicate coordinated actions. The implications of such maneuvers are significant, as any sale from these wallets could potentially impact DADDY’s liquidity and overall market stability.
FAQs
What did Andrew Tate do with the DADDY meme coin?
Andrew Tate burned DADDY meme coins worth $114 million in a high-profile move.
What was the purpose of burning the DADDY meme coins?
The burning of DADDY meme coins aimed to reduce their supply and potentially increase their value by creating scarcity.
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