tl;dr
Blockchain analytics platform Bubblemaps has alleged insider trading activity in meme coin projects promoted by Andrew Tate and Iggy Azalea. The allegations reveal that insiders acquired a significant portion of the token supply before the coins' official announcements, potentially impacting their l...
Blockchain analytics platform Bubblemaps has alleged insider trading activity in meme coin projects promoted by Andrew Tate and Iggy Azalea. The allegations reveal that insiders acquired a significant portion of the token supply before the coins' official announcements, potentially impacting their liquidity.
Andrew Tate's DADDY coin has seen a surge in market capitalization, while Iggy Azalea's MOTHER coin has experienced a decrease. The allegations have sparked debate within the crypto community.
DADDY INSIDER TRADING ALLEGATIONS
On June 9, a transaction moved 40% of the DADDY 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 nearly identical amounts simultaneously, purchased 20% of DADDY on June 9, prior to the project’s official announcement. These wallets now collectively hold approximately 19% of the total supply, valued at $30 million.
The firm suggested that the linked wallets potentially belong to the same group, although they admitted, “Since they are funded through Binance, we can’t 100% confirm they belong to the same group. However, the timing and amounts strongly suggest they do.” Bubblemaps also uncovered two additional clusters, linked via a particular wallet, that acquired 10% of the supply, valued at $16 million, before Tate began his promotional efforts.
The firm cautioned that any sales from the clusters and Tate’s unburned tokens, which make up 40% of the total supply, could impact the coin’s liquidity. Tate responded to the allegations asserting, “I will never sell what was sent to my wallet, I will only burn and buy. Forever. Diamond hands.”
According to DEXScreener, Daddy Tate (DADDY) coin has seen a surge in its market capitalization, reaching $259 million, and is currently trading at $0.25, a triple-digit increase over the past 24 hours.
MOTHER INSIDER TRADING ALLEGATIONS
Bubblemaps also previously implicated Iggy Azalea in similar activities concerning the MOTHER coin. The firm alleged that insiders purchased 20% of the MOTHER supply at launch and subsequently sold $2 million worth of tokens.
Their investigation focused on a wallet that bought 109 trillion MOTHER tokens before distributing them across seven other ones. Most of these funds have been sold, resulting in a profit of $1.4 million, with the remaining valued at approximately $400,000 as of the latest update. This wallet also transferred funds to other ones that collectively earned around $800,000 by selling about 8% of the token’s supply.
The Mother Iggy (MOTHER) token’s market cap has decreased from its peak of $267.58 million on June 6 to around $158 million. Its price has similarly dropped from a high of $0.27 to its current trading price of $0.148, a decrease of 6.45% over the last 24 hours.
Meanwhile, these allegations have caused debate within the crypto community. Some consider the incident as an example of a “good insider launch,” while others argue that “there is no such thing as a fair launch in meme coins,” implying that such occurrences are normal.
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More about Optical Cable Corporation
Optical Cable Corporation Summary Optical Cable Corporation
Optical Cable Corporation manufactures and sells fiber optic and copper data communications cabling and connectivity solutions primarily for the enterprise market in the United States and internationally. The company is headquartered in Roanoke, Virginia.
Industry
Manufacturing, Drawing & Insulating of Nonferrous Wire
Financials
Revenue: $22,888,200
EBITDA: $8.35
EPS: -0.0643
Market Cap: $65,237,000
Dividend Yield: 0%
Beta: -0.179