Dude, you won’t believe this. Andrew Tate, the guy known for ruffling feathers online, has his memecoins totally tanking. Like, we’re talking a crazy 99% drop, and now folks are buzzing about possible insider trading.
The Tate Effect on Solana Memecoins
So, check it out: Tate jumped on the Solana memecoin hype train back on June 7 and threw his support behind over 10 tokens. These things didn’t even have any real value, man. But right after he pumped them, they started nosediving. A post from Bubblemaps on October 19 dropped some wild intel:
“Andrew Tate first bought $GER (Germany Token) […] A cluster held 30% of the supply, and the price dropped 99% in two months.”
These memecoins are wild because they can swing wildly in price. Some traders hit the jackpot, though! On October 20, one dude made over $9 million in just three days flipping the Solana-based Nomogram (GNON) token. Just insane.
A Line-Up of Celeb Coin Promos
Tate’s not alone in the whole celeb-crypto world. Other big names like 50 Cent, Caitlyn Jenner, and Iggy Azalea jumped in on the Solana token craze, but guess what? A lot of them lost serious cash after pushing those coins.
The Roost Collapse and the Weird Tate Confession
One of the tokens, Roost (ROOST), saw its price crash right after Tate started hyping it up. Coffeezilla dropped a video investigation on October 19, and man, the tea spilled hard:
“Roost is now down over 90%. Roost’s treasury wallet got hacked, so the community literally got scammed. And to make it worse, the guy who got hacked was anonymous.”
Then, in a total plot twist, Tate posted something whacky on X, suggesting he could mess with crypto prices all by himself:
“Having the power to randomly pump any coin on the chart is super fun.”
Most of Tate’s other coins like Fuck Tristan (FTRISTAN), TopG (TOPG), RNT (RNT), and Daddy Tate (DADDY) crashed hard too, many over 90%. Not looking good, man.
Makin’ Waves or Makin’ Ruins?
Back in June, all these celebrity memecoins rolled out, but they weren’t doing so hot—like, major trust issues for the crypto scene. More than 30 of these celeb coins dropped on Solana, and they all lost at least 73.23% of their value.
Analyst Slorg tweeted out a brutal reality check, saying half of the celebrity coins are down over 99%. Ouch! It’s only been a month since they launched.
Khamzat Chimaev’s Smash (SMASH) token also got hit with insider trading vibes. Apparently, 78% of that coin’s supply was snatched up by developers and their crew.
In just a week, most of these celebrity-backed coins took a serious dive, tanking by at least 66%. Tokens from Caitlyn Jenner (JENNER), Timeless Davido (DAVIDO), and Rich The Kid (RICH) are feeling the burn too.
Dude, this whole memecoin scene is a rollercoaster, and not the fun kind!
Sources:
https://cointelegraph.com/news/andrew-tate-endorsed-memecoins-crashed-zero
https://cryptodnes.bg/en/memecoins-promoted-by-andrew-tate-plummet-99-sparking-insider-trading-concerns/
