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.

READ MORE:

Bitcoin’s Rise Could Widen Wealth Gap and Threaten Economic Stability

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

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.