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.

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.

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