Altcoin
Andrew Tate Spotlights DADDY Listing On CoinMarketCap Amid $110M Token Burn
Former kickboxer Andrew Tate has again drawn attention to Daddy Tate (DADDY), a Solana meme coin, following its listing on CoinMarketCap. Moreover, the internet personality has continued to rally efforts for the DADDY coin’s promotion. Furthermore, the infamous internet celebrity also initiated a gigantic $110 million burn for the DADDY crypto.
Andrew Tate & His DADDY Meme Coin Saga
In a tweet, Andrew Tate announced, “$DADDY is live on [CoinMarketCap].” This follows a major burn of DADDY coins, valued at $110.59 million, which saw 400 million tokens removed from circulation. Moreover, Tate had conducted a stream X space to express his joy after burning the massive meme coin reserve.
Tate, who has a massive social media following, has been vocal about his involvement with the DADDY coin. He has stated his intent to impact the Solana network significantly. His Solana wallet includes various meme coins, many inspired by him, with DADDY being the most notable.
In addition, the DADDY coin’s market cap surged to $300 million following the burn, an impressive feat for a newly launched meme coin. As of writing, the DADDY coin price soared 14.11% to $0.2704 on Friday, June 14, according to CoinMarketCap data.
Tate has a history of similar activities in the crypto space. He previously burned 567 million tokens of Top G (TOP G), another Solana meme coin. This burn led to a 200% rally in the coin’s price, although it later plummeted. Hence, netizens have cautioned that DADDY coin might follow a similar trend.
Also Read: Memecoins Making Waves With Potential Gains of Up to 170%
Insider Trading Allegations
The recent surge in Daddy Tate’s price has not come without controversy. Bubblemaps, a blockchain analytics avenue, has raised concerns of insider trading within the DADDY meme coin project. In a detailed thread on June 12, Bubblemaps claimed that at the launch, insiders acquired 30% of the token supply. This amounted to over $45 million spread across 21 wallets.
Further on-chain data from Bubblemaps revealed suspicious activities on June 9. Just before the official announcement of the DADDY coin, 11 wallets funded through Binance bought 20% of the DADDY supply. These wallets now hold about 19% of the total supply, valued at $30 million.
Bubblemaps noted, “Since they are funded through Binance, we can’t 100% confirm they belong to the same group. However, the timing and amounts strongly suggest they do.” Additionally, Bubblemaps uncovered two more clusters connected through a specific wallet.
These clusters acquired 10% of the DADDY supply, equivalent to $16 million, before Tate’s promotional activities. The firm warned that any sales from these wallets and Tate’s unburned tokens at the time, which account for 40% of the total supply, could affect the coin’s liquidity.
In response to these allegations, Tate remained defiant. He asserted, “I will never sell what was sent to my wallet, I will only burn and buy. Forever. Diamond hands.” This statement aims to reassure the market of his commitment to holding onto the tokens.
The DADDY coin’s rapid market cap growth and the substantial token burn are noteworthy events. However, the allegations of insider trading and the potential impact on liquidity remain critical issues to watch. Moreover, Tate’s involvement in the DADDY coin project highlights the influence of high-profile individuals in the volatile crypto market.
Also Read: 3 Cat-Themed Meme Coins To Sell Amid Red-Zone
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
As Bybit picks up the pieces from its jarring security breach, the Ethereum (ETF) community has been buzzing with speculation over the network’s future. One side of the divide makes a case for a blockchain rollback designed to eliminate malicious transactions, while the purists argue that the move will “kill” Ethereum’s credibility.
Forging Ahead With a Rollback
BitMEX co-founder Arthur Hayes has declared support for a rollback for the top layer 1 network, pitching his tent on the premise of Ethereum’s hard fork in 2016. For Hayes, since the network has undergone a previous hardfork, a rollback to stifle the ability of North Korean hackers to use stolen assets should be an easy choice for validators.
Samson Mow, Jan3 CEO, endorsed the proposed rollback in conversations with Ethereum co-founder Vitalik Buterin. Mow’s theory proposes the $ETH ticker for the rolled-back chain and renaming the current chain $ETHNK, urging Coinbase and other exchanges to delist the token from their platforms.
While the debate rages on, hardliners in the Ethereum community may be swayed by claims that the stolen ETH by state-sponsored hackers will be used to fund North Korea’s nuclear weapon programs. The $1.5 billion pilfered from the Bybit hack surpasses previous security breaches in scale, dwarfing the top five biggest hacks of 2024 by a country mile.
A blockchain rollback is an event that reverses confirmed transactions on a network to a previous state. Traditionally, the concept involves chain deployment after security breaches, and it takes several forms, including forks and chain reorganizations.
Ethereum Community Against The Rollback
Amid the Bybit hack, blockchain proponents in the Ethereum community are adopting a hard stance against a rollback proposal, citing the grim potential of eroding Ethereum’s credibility in the grand scheme.
“A rollback can only happen if you split the chain. Ethereum’s reliability and neutrality would be at risk,” said pseudonymous crypto trader Borovik on X. “This should never happen, under no circumstances.”
Borovik’s argument has received support from Bitcoin proponent Jimmy Song, who notes that the Bybit incident is significantly different from 2016’s DAO hack. Song’s claim against a rollback hinges on the fact that the Bybit hack is a settled affair, while the DAO hack took a month to execute.
“I know people are expecting the Ethereum Foundation to roll back the chain, but I suspect it’s already too much of a mess to do it cleanly,” said Song
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
XRP price has continued its bearish consolidation as Ripple community investors continue to weigh the impacts of the recent Bybit hack. Against some visible trends, XRP has maintained its price drawdown but has stayed above the $2.5 mark despite the massive selloff. In light of this crypto technical analysis platform, More Crypto Online, the coin remains neutral and indecisive. This outlook has introduced a major twist in the expectation that the coin could hit $250 in the near long term.
XRP Price Trading Within Very Tight Range
According to an update on X More Crypto Online, XRP remains rangebound, holding above the invalidation point at $2.47. At the time of writing, the coin was changing hands for $2.592, down by 0.63% in the past 24 hours. The coin has moved from a low of $2.512 to a high of $2.597 before settling at the current level.
Per the analytical platform, the bullish structure of XRP remains technically intact despite the latest offsets. However, the current outlook shows the coin has not made a major move to break above the resistance point at $2.8. This implies the coin will likely see the bearish scenario play out for a few more days.
The analysis outfit issued two primary price levels for traders to watch. This includes the $2.47 invalidation level and the $2.75 breakout zone. Breaching these two levels can imply a further dropdown or rally for the coin.
Is the $250 Price Target Still Feasible?
In an earlier XRP price analysis, CoinGape reported that market analyst XRP Captain predicted the coin may hit $250 between now and 2026. This forecast is hinged on the premise that Ripple whales were accumulating the coin rapidly.
While analysts are generally optimistic regarding Ripple, this is by far the most ambitious projection for the coin. As reported earlier, the influence of the coin’s supply was showcased as a major bane toward achieving this massive projection.
However, the environment remains promising, considering the pro-crypto outlook of the United States government.
Ripple Lawsuit Impact
Bringing the Ripple Labs versus United States Securities and Exchange Commission (SEC) lawsuit is key to the future of the XRP price. Earlier, Coinbase and the US SEC agreed to dismiss their lawsuit, which is pending the commission’s approval. The community is optimistic that the Ripple Labs lawsuit will be the next in line to be dismissed.
Beyond this, the impact of the potential XRP ETF approval on the coin’s price is also profound. Despite the effects of the Bybit hack and the current consolidation, the optimism for a massive breakout is high.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Litecoin whales have shaken the crypto market to its core on Saturday, embarking on a massive buying spree amid the latest ETF advancement. Renowned crypto analyst Ali Martinez revealed that these whales accumulated nearly 1 million tokens over the past two weeks. Investors are eyeing this as a highly bullish event, given that the market has also seen Canary Capital’s LTC ETF on the Depository Trust & Clearing Corporation (DTCC) recently.
Litecoin Whales Buy Heavily, Investors Bullish Amid ETF Development
According to an X post by Ali Martinez on February 22, Litecoin whales acquired 930,000 tokens in the past two weeks. This data reverberated substantial market optimism for the crypto, underscoring heightened buying pressure despite the broader market turbulence.
Notably, crypto whales are large-scale investors with considerable trading experience in the market. Their trade maneuver to accumulate coins surfaces as bullish news, underlining market confidence in the token’s potential to gain on the back of recent developments.
Canary Capital’s ETF Emerges On DTCC
The latest ETF development for the token has solidified hopes of an approval ahead. CoinGape reported that Canary’s LTC ETF appeared on the DTCC platform under the ticker LTCC this week. This saga has solidified investor bullishness as an exchange-traded product backed by the crypto may be available soon.
Also, renowned ETF analyst Eric Balchunas further anticipated that there is a 90% chance of approval in 2025. The Litecoin whale accumulations amid this bullish event have further boosted the coin’s market sentiment, indicating potential gains ahead.
LTC Price Eyes Rally?
However, despite the massive buying, LTC price tanked over 5% on Saturday, closing in at $128.13. The coin hit a bottom and peak of $123.93 and $139.86 in the past 24 hours. The weekly chart for the token also illustrated a 3% drop. This waning action primarily falls in with the broader crypto market volatility.
Nevertheless, renowned crypto trader Carl Moon took to X, revealing that a $143 price target looms for the token. As per Carl, LTC is forming a bullish flag on lower timeframes, signaling an uptrend ahead. The significant buying pressure brought by Litecoin whales further supports this bullish prediction.
Crypto market traders and investors thoroughly monitor the token, reflecting optimism amid recent ETF developments and strong whale support.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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