Social media influencer Andrew Tate’s latest venture into the cryptocurrency world with the creation of the DADDY meme tokens has seen early buyers potentially holding $45 million in unrealized value, according to wallet tracking service Bubblemaps. Despite no tokens being sold from wallets directly connected to Tate since the issuance on June 9, certain wallets were able to purchase 30% of the token’s supply before it gained widespread attention.
Bubblemaps revealed that on June 9th at 21:24 UTC, 40% of the DADDY supply was sent to Tate’s official X account, @Cobratate, by @DaddyTateCTO. Interestingly, 11 wallets funded through Binance simultaneously bought 20% of the DADDY tokens just before the initial tweet by @DaddyTateCTO. Additionally, two other clusters identified by Bubblemaps hold another 10% of the token’s supply, amounting to $30 million at current prices.
The total liquidity available in trading pools for the tokens is slightly over $2.4 million, indicating that the positions cannot be fully realized for their total value as of Thursday. Tate’s personal wallet, which has not made any token sales as of Thursday, currently holds tokens worth $65 million based on current prices.
This particular crypto token marks Tate’s first direct involvement in the cryptocurrency space, and his association has significantly contributed to the token reaching a market capitalization of $240 million within just three days of its launch. Data from DEXTools indicates that prices have surged by 55% in the last 24 hours.
The DADDY token is part of a trend where celebrities are actively involved in creating and promoting meme coins. Unlike previous instances where celebrities were simply marketing projects or protocols, these tokens are now being issued, backed, and endorsed by well-known personalities, primarily on X.
In a similar vein, other celebrities such as Caitlyn Jenner and rappers Iggy Azalea, Trippie Redd, Lil Pump, and Davido have launched tokens using the Solana-based Pump Fun application back in May. However, most of these launches have experienced a significant drop of 90% from their initial highs.
It is evident that the influence of social media personalities and celebrities on the cryptocurrency market continues to grow, shaping the landscape of meme coins and token creation. The involvement of figures like Andrew Tate highlights the evolving nature of the industry and the potential impact of celebrity-backed projects on the market.
Overall, the rise of DADDY tokens and similar celebrity-backed initiatives underscores the intersection of social media, influencer culture, and cryptocurrency, creating new opportunities and challenges within the digital asset space. As the market continues to evolve, it will be interesting to see how these trends develop and influence the broader cryptocurrency ecosystem.