Andrew Tate and Iggy Azalea Under Fire for Alleged Insider Trading in Meme Coins

The popularity of meme coins is taking a hit as the accusations of insider trading surface. A company that studies cryptocurrency transactions, Bubblemaps, is accusing two celebrities, Andrew Tate and Iggy Azalea, of insider trading. 

According to Bubblemaps, people “on the inside” might have been involved in unfair trading practices with meme coins that Tate and Azalea promoted. This happened when these meme coins first launched.

Andrew Tate Accused of Dumping Meme Coins

The Blockchain analysis firm Bubblemaps cast a shadow on celebrity endorsements for DADDY and MOTHER coins, raising concerns about potentially unfair practices.

Andrew Tate and Iggy Azalea, who have been promoting their respective meme coins (DADDY and MOTHER), are at the center of the controversy. 

Bubblemaps alleged that “insiders” might have gained an unfair advantage by purchasing significant amounts of these coins before their official launch.

The blockchain analysis firm noted suspicious activity on June 9. This activity involved a group of wallets acquiring a significant portion (20%) of DADDY’s supply for roughly $30 million before its launch, raising a red flag.

The same day, a massive transaction moved 40% of the total DADDY supply directly to Andrew Tate’s wallet. This transaction took place before he began promoting the token on his social pages.

The firm states that the wallets in question might be connected, meaning there’s a chance that they belong to the same group. However, they couldn’t confirm this absolute certainty because the funds came through the Binance exchange.

Nevertheless, the timing and the amounts involved strongly indicate they are linked. Further in their investigation, Bubblemaps discovered two interconnected wallets. 

According to the firm, these clusters of wallets collectively acquired 10% of the total supply of the token, which amounted to $16 million before Andrew Tate initiated his promotional activities.

However, in an X post, Tate responded that he’d sell off his bag rather than “I will only burn and buy. Forever. Diamond hands.” Meanwhile, similar patterns were identified with MOTHER, the coin promoted by Iggy Azalea.

MOTHER Coin Sales Cast Further Doubt: Did Iggy Azalea Benefit from Insider Trading?

Apart from the accusations against Andrew Tate on the DADDY coin, Bubblemaps also raised concerns about the similar activity with MOTHER, the meme coin promoted by Iggy Azalea.

The firm’s investigation focused on a specific wallet that purchased a significant amount (20%) of the MOTHER supply at launch. 

Afterward, this wallet allegedly sold a portion of those tokens, generating a profit of $1.4 million while still holding tokens currently worth roughly $400,000 in the wallet. 

Furthermore, this wallet moved funds to other wallets, which jointly sold an additional 8% of the total supply of MOTHER tokens. 

From these sales, the collective profit amounted to around $800,000, suggesting that the wallet holder(s) made a substantial profit from selling a portion of their MOTHER token holdings.

The alleged insider trading coincides with a drop in the value of the MOTHER coin. The token’s market cap has shrunk from a peak of $267.58 million to around $158 million. Also, its price has fallen from a high of $0.27 to $0.148 today, June 14.

Meanwhile, these allegations have sparked heated debate within the cryptocurrency community. While some view it as a “good insider launch,” others believe “there is no such thing as a fair launch in meme coins.” 

Overall, these allegations raise questions about the fairness of celebrity promotions and reveal potential manipulation of the meme coin market.