Bubblemaps alleges insider buying and selling in memecoins promoted by Andrew Tate, Iggy Azalea

Blockchain analytics platform Bubblemaps has levied allegations of serious insider buying and selling exercise within the memecoin tasks not too long ago promoted by Andrew Tate and Iggy Azalea.

Regardless of the proof of wallets buying important quantities of the tokens throughout and earlier than their respective launches, there isn’t any proof linking them to Tate or Azalea.

The allegations, shared by means of tweet threads, have drawn appreciable consideration throughout the crypto group. Some have denounced the alleged insider buying and selling, whereas others have stated there isn’t any such factor as a good launch in memecoins and such occurrences are par for the course.

Andrew Tate and $DADDY Coin

Nonetheless, Bubblemaps alleged in a June 12 thread that insiders bought 30% of the $DADDY coin provide at launch, accumulating over $45 million throughout 21 wallets.

On June 9, a transaction transferred 40% of the $DADDY provide to Tate’s pockets earlier than he started selling the coin on social media. Tate publicly acknowledged he wouldn’t promote any tokens and continues to carry them.

Nonetheless, on-chain knowledge reveals that a number of wallets bought roughly 20% of the availability earlier than the undertaking was introduced. In keeping with Bubblemaps:

Bubblemaps wrote:

“11 wallets, funded by means of Binance with almost equivalent quantities on the similar time, purchased 20% of $DADDY on June ninth, earlier than @DaddyTateCTO’s first tweet.”

These wallets now maintain about 19% of the full provide, valued at $30 million. The agency added that any important sale from these wallets might impression the coin’s liquidity.

The agency additionally alleged that the wallets have been linked and probably belong to the “similar group.” Bubblemaps wrote:

“Since they [the wallets] are funded by means of Binance, we will’t 100% verify they belong to the identical group. Nonetheless, the timing and quantities strongly counsel they do.”

Moreover, two different clusters, linked by means of a selected pockets, purchased 10% of the availability earlier than Tate’s promotional actions. These clusters at present maintain tokens value $16 million.

Bubblemaps stated that Tate has not bought his tokens, however the 40% of the full provide he holds — valued at $64 million — stays unburned and will have an effect on the market if bought.

You will need to be aware that whereas these wallets present suspicious exercise, there isn’t any concrete proof immediately linking the addresses to Tate or his associates. These findings stay allegations primarily based on transactional patterns.

Tate has responded to the allegations on social media and reaffirmed that he has no intention to promote the tokens despatched to him. He additional acknowledged that he would solely burn the tokens, writing:

“I’ll by no means promote what was despatched to my pockets, I’ll solely burn and purchase. Ceaselessly. Diamond fingers.”

Iggy Azalea and $MOTHER Coin

Bubblemaps additionally levied allegations of insider buying and selling within the $MOTHER coin on the finish of Might, which was promoted by rapper and mannequin Iggy Azalea.

In keeping with the agency, insiders allegedly purchased 20% of the $MOTHER provide at launch and have since bought $2 million value of tokens.

The investigation recognized a key pockets, which bought 109 trillion $MOTHER tokens earlier than distributing them throughout seven wallets. Most of those tokens have been bought, realizing a revenue of $1.4 million. The remaining tokens are valued at roughly $400,000 as of press time.

Moreover, the pockets transferred funds to different worthwhile wallets, which collectively earned about $800,000 by promoting roughly 8% of the token’s provide.

Just like the $DADDY coin case, there isn’t any concrete proof linking these addresses on to Azalea or her associates. These findings are allegations towards wallets belonging to unknown entities primarily based on the noticed transactional patterns.