Competition is increasing among celebrities: Iggy Azalea's memecoin is falling behind!

A memecoin introduced by influencer and fighter Andrew Tate has surpassed rapper Iggy Azalea’s memecoin.

Tate, who has been promoting a Solana meme coin called Daddy Tate (DADDY) since at least June 11th on X, has reached a market cap of 300 million dollars and is currently trading at $0.30, an increase of 218% according to DEX.

By the way, the market value of Azalea’s Mother Iggy (MOTHER) memecoin has almost halved from its peak of $267.58 million on June 6th, dropping to approximately $153 million. Data shows that its price has also fallen since its highest level of $0.27 on June 6th, and it traded at $0.15 with an increase of over 7% in the last day.

Inside trade suspicion brought about discussions

Daddy Tate sparked controversy after an analysis firm claimed that there were suspicious activities involving the token from within.

Crypto analysis firm Bubblemaps said in its June 12th X post that it found significant activity in Tate’s introduced memecoin, saying, ‘Insiders bought 30% of the supply during the launch before Andrew Tate started promoting X.’

Before Tate’s first X post, it is claimed that on June 9, 11 wallets bought 20% of DADDY, and this amount is now worth approximately $61.4 million. Bubblemaps stated that it could not confirm whether these belong to the same group, but the timing and amounts definitely indicate so.

Due to the concentration of a small wallet holding one-fifth of the token supply, the firm warned that the sale of a wallet could deplete liquidity. The group reported that more wallets associated with it held 10% of the token supply, or approximately $30 million, before Tate’s initial submission.

Bubblemaps said that Tate currently does not touch 40% of the token supply in hand and could start selling at any moment. An approximately $122.8 million worth of stake. In response to Bubblemaps’ claim, Tate said, “I will never sell what is sent to my wallet, I will only burn and buy.”

The analytics firm said it found a similar activity on MOTHER last month and said that 20% of the supply inside was purchased at launch before Azalea’s token first sharing.

This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should conduct their own research when making decisions.