The $DADDY memecoin, also known as Daddy Tate, is a Solana-based token promoted by the controversial social media influencer Andrew Tate. Launched on June 9, 2024, it gained attention and reached a market capitalization of $240 million within three days. ^[1][2]

Overview

Upon the token launch, Andrew Tate announced his support for the DADDY memecoin, attempting to challenge rapper Iggy Azalea's newly launched memecoin MOTHER. ^[3]

On why he chose this project, he responded:

“I’m doing this for three reasons. One is the culture. The second reason I’m doing this is because it’s f***ing hilarious. I load up Twitter, I see some coin, I see someone right underneath it, ‘Bet my house on this coin, this one is going to work’, and then I FUD it.” He added that the third reason is because it’s a “unique experience.” - he said on a livestream with Rumble^[8]

He mentioned his plan to burn all his DADDY tokens, aiming for a minimum of $100 million in value. ^[3][5]

Im the $DADDY.
200Mil market cap.
Im going to burn all of this shit live on Rumble.
My last burn was 37million dollars.
But now I refuse to burn less than 100million dollars.
No brokey burns.
Top G.
Built different. - he tweeted on June 12, 2024^[4]

In a live stream Inside The Real World, Tate burned $100+ million worth of $DADDY with the aim to boost demand and increase the coin's market value to $1 billion as promised. ^[9]

“The burning was just the beginning of the crypto revolution.” - Andrew Tate said in an X space^[9]

Controversy

On June 7, 2024, Andrew Tate announced on X that he had burned over $10 million worth of Solana-based TOPG tokens. Tate received over 580 million TOPG tokens as a donation from an unnamed source. He stated that his intention behind burning the tokens was to cause chaos in the cryptocurrency community, stating, "It's not about money. It's about sending a message." ^[3]

On June 12, 2024, Blockchain data platform Bubblemaps highlighted suspicious insider activities surrounding the DADDY token. According to their report, insiders purchased 30% of the $DADDY supply at launch before Tate began promoting it on social media, and these insiders hold over $45 million worth of tokens. ^[3]

“On June 9th at 21:24 UTC, @DaddyTateCTO sent 40% of the $DADDY supply to @Cobratate,” (Tate's official X account) BubbleMaps posted. But here's the catch: 11 wallets, funded through Binance with nearly identical amounts at the same time, bought 20% of $DADDY on June 9th, before @DaddyTateCTO's first tweet.”^[7]

Additional transactions imply significant token purchases by wallets before the public announcement, raising concerns about market liquidity and integrity. Following this post, Tate blocked Bubblemaps on the X platform. ^[10]

"While Cobratate hasn’t sold his tokens, insiders seem to be active on $DADDY and are trying to cover their tracks. One of these wallets could nuke the liquidity pool.” - Bubblemaps warned^[10]