Market
Insiders Sell DADDY Meme Coin as Andrew Tate Promises $1 Billion Market Cap
Andrew Tate’s latest venture with Daddy Tate (DADDY) meme coin has captured significant attention. Recently, Tate undertook a high-profile action by burning over 400 million DADDY coins.
This move ostensibly reduced the supply and sparked wide-ranging reactions within the crypto community.
Andrew Tate Burns $114 Million Worth of DADDY Meme Coin
Despite the dramatic gesture, which Tate described during a live stream as “legendary” and a world-changing event, the actual market ramifications are nuanced. The value of the burned coins was nearly $114 million, but this figure is primarily on paper.
The liquidity of DADDY in the market stands at a mere $2.5 million. Consequently, if Tate had attempted to sell these meme coins instead of burning them, the resulting rug pull could have drastically undercut their value.
Notably, Tate hinted in a post on X (Twitter) that he envisions DADDY reaching a $1 billion market cap. Currently, the market cap is about $165 million, according to data from DEX Screener. This bold claim contrasts sharply with recent insider activities, potentially setting the stage for volatile market movements.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
According to Lookonchain, a notable on-chain analysis platform, an insider transaction involved the sale of 15.14 million DADDY meme coins for approximately $1.74 million, realized in Solana (SOL). This insider initially acquired a substantial 29.8 million DADDY for just $1,950, leveraging three different wallets.
“He currently has 14.7 million DADDY left, worth $2.8 million. His total profit is $5.6 million, a gain of 2,875x,” Lookonchain said.
Furthermore, Bubblemaps, another blockchain data analytics firm, has illuminated the situation by detecting suspicious trading patterns around the time of DADDY’s launch. Before Tate’s promotional activities, insiders reportedly acquired 30% of DADDY’s total supply.
These wallets, funded through Binance, could not be conclusively linked, but their synchronized activities suggest coordinated action. The implications of such maneuvers are considerable, as a sale by any one of these wallets could significantly impact DADDY’s liquidity and overall market stability.
Read more: Crypto Scam Projects: How To Spot Fake Tokens
Andrew Tate, no stranger to controversy in the crypto ecosystem, has also been associated with meme coins such as Real Nigger Tate (RNT) and TOPG.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Why Ethereum Price May Fall Under $3,000
Ethereum (ETH) is currently facing significant downward pressure, with its price declining by 3% over the past 24 hours. This bearish trend could push ETH’s price below the critical $3,000 price level.
This analysis examines the factors contributing to this likelihood.
Ethereum Sellers Re-Emerge
An assessment of the ETH/USD one-day chart has revealed that the coin’s moving average convergence divergence (MACD) indicator is forming a potential death cross. As of this writing, the coin’s MACD line (blue) is attempting to fall below its signal line (orange).
This indicator measures an asset’s price trends and momentum and identifies its potential buy or sell signals. A MACD death cross occurs when the MACD line (the shorter-term moving average) crosses below the signal line (the longer-term moving average), indicating a bearish trend or momentum reversal. This signal suggests that selling pressure is increasing, and the asset’s price could decline further.
ETH’s rising Aroon Down Line confirms this strengthening bearish pressure. It currently sits at 78.57%, confirming that the decline in ETH’s price is gaining momentum.
The Aroon Indicator evaluates the strength of an asset’s price trend through two components: the Aroon Up line, which reflects the strength of an uptrend, and the Aroon Down line, which reflects the strength of a downtrend. A rising Aroon Down line indicates that recent lows are occurring more frequently, signaling growing bearish momentum or the start of a downtrend.
ETH Price Prediction: Key Support Level To Watch
ETH currently trades at $3,333, resting above the support formed at $3,203. This level is crucial because a decline below it will cause ETH to exchange hands under $3000. According to readings from the coin’s Fibonacci Retracement tool, the Ethereum price will drop to $2,970 if this happens.
However, a resurgence in the demand for the leading altcoin will invalidate this bearish thesis. If this occurs, Ethereum will rally toward $3,500.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Cantor Fitzgerald Deepens Tether Ties With 5% Stake Acquisition
Cantor Fitzgerald, a prominent US financial services firm, is expanding its alliance with Tether, a key player in the digital asset industry and the issuer of the world’s largest stablecoin.
According to reports, the firm has agreed to acquire a 5% stake in Tether as part of a broader collaboration that includes Bitcoin-backed lending initiatives.
Tether Mints $13 Billion USDT as Cantor Fitzgerald Deepens Tie
The acquisition talks, reportedly finalized in 2023, valued the 5% stake at approximately $600 million. This partnership positions Tether to gain strategic advantages, particularly as Cantor Fitzgerald’s CEO, Howard Lutnick, takes on his new role as Secretary of Commerce under President-elect Donald Trump.
Market observers suggest that the nomination raises the possibility of enhanced regulatory support for Tether, which has faced scrutiny over potential violations of sanctions and anti-money laundering regulations—a claim the company has denied. However, Lutnick has promised to step down from his positions at Cantor Senate confirmation.
Beyond the ownership stake, Tether is expected to support Cantor Fitzgerald’s Bitcoin lending program, a multi-billion-dollar initiative. The program aims to offer loans backed by Bitcoin, initially funded with $2 billion, with plans for significant future expansion.
Meanwhile, Cantor Fitzgerald is already a critical partner for Tether, reportedly holding a significant portion of the stablecoin issuer’s $134 billion reserves in US Treasury bills.
As Cantor Fitzgerald deepens its involvement with Tether, the firm has continued its aggressive token minting. On November 24, blockchain analytics platform Lookonchain reported that stablecoin company minted an additional $3 billion USDT, bringing the total minted since November 8 to $13 billion. This expansion has pushed the total supply of USDT to approximately $132 billion.
The increased USDT supply may reflect the growing demand for stablecoins, often used to hedge market positions or facilitate crypto transactions without converting to fiat. This liquidity influx could reduce volatility and enhance price stability across the digital asset market.
This surge in USDT supply coincides with a broader market rally led by Bitcoin and other assets such as Dogecoin and Solana, signaling renewed investor confidence in the crypto ecosystem.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Can the SAND Token Price Rally Be Sustained?
SAND, the token powering the metaverse platform The Sandbox, has seen a meteoric rise, surging 55% in the past 24 hours. This performance far outpaces leading assets like Bitcoin and Ethereum, which each gained just 1% during the same period. SAND’s trading volume has also skyrocketed, surpassing $1.91 billion — a climb of over 500% in 24 hours.
On-chain data has shown a significant increase in daily SAND transactions and a decrease in selling pressure. These factors suggest the potential for a sustained rally.
The Sandbox Holders Adopt a Bullish Approach
According to CryptoQuant’s data, the daily count of SAND transactions has rocketed over the past few days. For context, on November 23, 2,940 transactions involving SAND were completed, representing the highest count over the past seven days.
This is a bullish signal for the metaverse-based token because a surge in an asset’s transaction count indicates increased activity and interest. It signals higher demand and participation by market participants. Also, it suggests growing confidence in SAND’s price, potentially driving it further upward.
Additionally, a notable increase in exchange withdrawals for SAND has been observed. Per CryptoQuant’s data, the token’s exchange withdrawal transactions currently total 877, its single-day highest since June 2023.
The exchange withdrawing transaction metric tracks the number of cryptocurrency withdrawals from exchanges. A spike in this metric indicates that investors are moving their assets off exchanges. This is a bullish signal, suggesting increased confidence and a potential long-term holding trend.
SAND Price Prediction: Rally Above $0.66?
On the daily chart, SAND is trading at $0.61, a level last seen in April. Its price currently sits below the resistance at its cycle peak of $0.66. If bullish momentum strengthens, SAND could rally toward this peak and reclaim it.
Conversely, if bullish sentiment wanes and selling pressure strengthens, the SAND token price may plunge toward support at $0.56, invalidating this bullish outlook.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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