In the world of cryptocurrency, there is a new token making waves among social media influencers. The daddy (DADDY) meme token, issued by Andrew Tate, has caught the attention of early buyers who are now holding an estimated $45 million in unrealized value, according to wallet tracking service Bubblemaps.
Since the token was issued on June 9, wallets directly connected to Tate have not sold any DADDY tokens. However, some other wallets purchased 30% of the token’s supply before it was widely promoted. Bubblemaps revealed that on June 9th, @DaddyTateCTO transferred 40% of the DADDY supply to @Cobratate, Tate’s official account on X. Interestingly, 11 wallets funded through Binance bought 20% of DADDY before the first tweet from @DaddyTateCTO.
Additional clusters of wallets tracked by Bubblemaps hold another 10% of the token’s supply, totaling $30 million in value at current prices. Despite this significant value, trading pools of the tokens only have over $2.4 million in liquidity available, limiting the ability to realize the full value of these positions as of Thursday.
Tate’s own wallet, which has not sold any tokens as of Thursday, holds an impressive $65 million worth of DADDY tokens at current prices. This marks Tate’s direct involvement in a crypto token for the first time, leading to a swift increase in the token’s market capitalization to $240 million just three days after its launch. DEXTools data indicates a 55% price increase in the past 24 hours, showcasing the token’s growing popularity.
The DADDY token is part of a trend where celebrities are actively issuing, backing, and promoting tokens within the meme coin ecosystem. Previously, celebrities like Caitlyn Jenner and rappers Iggy Azalea, Trippie Redd, Lil Pump, and Davido launched tokens using the Solana-based Pump Fun application in May. However, many of these projects have seen a significant drop in value, with some experiencing a 90% decrease from their highs.
Overall, the rise of celebrity-backed tokens adds an intriguing dynamic to the cryptocurrency space, blurring the lines between fame and financial investment. As the market continues to evolve, it will be interesting to see how these tokens perform and whether they can sustain long-term value amidst changing trends.