tl;dr
Bubblemaps, a blockchain analytics platform, has alleged insider trading activity in meme coin projects promoted by Andrew Tate and Iggy Azalea. The allegations suggest that insiders acquired a significant portion of the token supplies of DADDY and MOTHER coins before their official launches, potent...
Allegations of Insider Trading in DADDY and MOTHER Coins
Allegations of insider trading have surfaced in the DADDY and MOTHER coin projects promoted by Andrew Tate and Iggy Azalea. Bubblemaps, a blockchain analytics platform, has alleged that insiders acquired a significant portion of the token supplies of these meme coins before their official launches, potentially amounting to millions of dollars. The firm also pointed out the subsequent impact on the market cap and trading prices of these coins.
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. Bubblemaps revealed that 11 wallets, funded through Binance, simultaneously purchased 20% of DADDY on June 9, prior to the project’s official announcement. Additionally, two clusters, linked via a particular wallet, acquired 10% of the DADDY supply before Tate began his promotional efforts. Bubblemaps cautioned that any sales from these 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, ensuring that he will only burn and buy the tokens.
DADDY coin has seen a surge in its market capitalization, reaching $259 million, and is currently trading at $0.25.
MOTHER Insider Trading Allegations
Bubblemaps also 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. The Mother Iggy (MOTHER) token’s market cap has decreased from its peak of $267.58 million on June 6 to around $158 million, with its price dropping from a high of $0.27 to its current trading price of $0.148.
These allegations have sparked debate within the crypto community, with differing views on the implications of such activities in meme coins.
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More about Optical Cable Corporation
Optical Cable Corporation Summary Optical Cable Corporation Summary
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
Key Activities
Drawing & insulating of nonferrous wire
Financials
Revenue: $219,411,000
Net Income: -$0.54
EPS: $8.35
ROE: -0.0643
Market Cap: $65,237,000
Dividend Yield: 0%
Beta: -0.179