Most of the memecoins promoted by social media phenomenon Andrew Tate have been rebranded.
Andrew Tate was previously accused of insider trading and cryptocurrency market manipulation.
Many meme coins backed by the controversial social media personality have dropped, raising concerns about the possibility of insider trading.
The memecoins that targeted Andrew Tate
Tate joined the memecoin trend on the Solana network on June 7 and shared more than 10 tokens on his social media account. However, according to Bubblemaps’ X post dated October 19, most of these tokens lost 99% of their value shortly after Tate’s post.
Andrew Tait first bought $GER (Germany Token). He had 30 percent of the supply, and the price dropped 99 percent in two months. Not only Tate, but many meme coins shared by celebrities like 50 Cent, Caitlyn Jenner and Iggy Azalea dropped to zero.
Most other Tate-backed cryptocurrencies have lost more than 90 percent of their value. These include FTRISTAN, TopG (TOPG), RNT (RNT) and Daddy Tate (DADDY).
Celebrities hit the Solana network.
In June, more than 30 celebrity-backed tokens created on the Solana network saw a 73.23% drop in price. UFC competitor Khamzat Chemayev’s Smash (SMASH) token has also been the target of insider allegations after it was revealed that 78 percent of the token’s supply was purchased by wallets belonging to the project team and developer.
The majority of celebrity-backed memecoins dropped at least 66% in the first week of launch. These include Caitlin Jenner (JENNER), Timeless Davido (DAVIDO) and Rich The Kid (RICH) tokens.
This article does not contain investment advice or recommendations. Every investment and trading venture involves risk, and readers should do their own research when making decisions.
