According to wallet tracking service Bubblemaps on a post on X, early purchasers of social influencer Andrew Tate’s DADDY meme tokens are reportedly sitting on $45 million in unrealized value. Despite no apparent sales from Tate's directly linked wallets since the token's release on June 9, other wallets acquired 30% of the token's total supply before its widespread promotion on X.
Bubblemaps on X
At 21:24 UTC on June 9th, @DaddyTateCTO transferred 40% of the $DADDY supply to @Cobratate, Tate’s official X account. Bubblemaps observed, “However, there's a twist: 11 wallets, all funded through Binance with nearly identical amounts simultaneously, purchased 20% of $DADDY on June 9th, ahead of @DaddyTateCTO's initial tweet.”
Additionally, two other groups tracked by Bubblemaps hold an additional 10% of the token’s supply, valued at $30 million based on current prices.
Consequently, liquidity in trading pools for these tokens totals just over $2.4 million, meaning these positions cannot be fully cashed out at their current valuation as of Thursday. Tate's personal wallet, which has yet to offload tokens as of Thursday, contains $65 million worth of tokens at present prices.
This marks the controversial social media figure's first direct involvement in a cryptocurrency token, a connection that contributed to the token's market capitalization hitting $240 million just three days after its launch. Data from DEXTools reveals prices surged by 55% in the past 24 hours.
DADDY joins the ranks of celebrity-backed tokens gaining attention within the meme coin sector. Unlike previous cases where celebrities simply endorsed projects or protocols, these tokens are actively launched, supported, and publicized by well-known personalities, primarily on X.
In May, American media personality Caitlyn Jenner and rappers Iggy Azalea, Trippie Redd, Lil Pump, and Davido all introduced tokens through the Solana-based Pump Fun platform. However, many of these launches have seen their values plummet by 90% from peak levels.