Early Buyers of Andrew Tate’s DADDY Meme Coin Apparently Sitting on $45M in Unrealized Value

People in the know on the issuance of social influencer Andrew Tate’s daddy (DADDY) meme tokens are apparently sitting on $45 million in unrealized value, wallet tracking service Bubblemaps alleged in an X post.

While wallets directly connected to Tate have not sold any DADDY tokens since their issuance on June 9, some other wallets seemingly purchased 30% of the token’s supply before it was promoted widely on X.

“On June 9th at 21:24 UTC, @DaddyTateCTO sent 40% of the $DADDY supply to @Cobratate,” BubbleMaps posted. @Cobratate is Tate’s official X account. “But here's the catch: 11 wallets, funded through Binance with nearly identical amounts at the same time, bought 20% of $DADDY on June 9th, before @DaddyTateCTO's first tweet.”

Two other clusters tracked by Bubblemaps hold another 10% of the token’s supply, worth $30 million at current prices.

5/ Two other clusters, holding 10% of the total supply, are connected through wallet 4SfQWh.

Both clusters bought before Andrew Tate’s first tweet and are currently holding $16M at the current price.https://t.co/nC7Q0jLDxW pic.twitter.com/3F9yNslFVO

— Bubblemaps (@bubblemaps) June 12, 2024

As such, trading pools of the tokens have just over $2.4 million in available liquidity, meaning the positions cannot be realized for their entire value as of Thursday.

Tate’s own wallet, which has not sold tokens as of Thursday, holds $65 million worth of the tokens at current prices.

This is the first crypto token the controversial social media star appears to be directly involved in—an association that helped move the token to a $240 million market capitalization just three days after going live. DEXTools data shows that prices are up 55% in the past 24 hours.

DADDY is the latest in a line of celebrity-backed tokens that have started to make rounds in the meme coin ecosystem. Unlike previous instances where celebrities were marketing projects or protocols, these tokens are actively issued, backed, and promoted by famous personalities, mainly on X.

In May, American media personality Caitlyn Jenner and rappers Iggy Azalea, Trippie Redd, Lil Pump, and Davido all launched tokens using the Solana-based Pump Fun application. Most of those launches are down 90% from highs.