Memecoins Promoted by Andrew Tate Plummet 99%, Sparking Insider Trading Concerns

Memecoins promoted by Andrew Tate have seen dramatic declines in value, with many losing up to 99%, raising suspicions of insider trading.

Tate endorsed several Solana-based tokens on June 7, but shortly thereafter, their prices began to plummet. For example, the $GER token suffered a staggering drop, with a large portion of its supply held by a few investors, contributing to its downfall.

Despite their lack of fundamental value, some memecoins can exhibit extreme volatility, creating opportunities for traders. Recently, one trader turned a small investment into $9 million in just three days with the Nomogram (GNON) token.

Tate’s promotional activities extended to other tokens like Roost (ROOST), which also faced a significant price crash after he backed it. An investigation revealed that Roost’s treasury was hacked, leading to severe losses for its community. In a bizarre post following this incident, Tate suggested he could influence crypto prices at will.

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Most of Tate’s endorsed cryptocurrencies, including Daddy Tate (DADDY) and Fuck Tristan (FTRISTAN), have experienced steep declines, with many down more than 90%. This trend reflects a larger issue within the crypto market, where celebrity endorsements often lead to skepticism and loss of trust.

Beyond Tate, over 30 celebrity-backed tokens launched on Solana in June have lost significant value, with many dropping by over 73%. Analysis shows that half of these have decreased by 99% in just a month, demonstrating the risks associated with celebrity-promoted cryptocurrencies.

Source

Alexander Stefanov