Key Takeaways:
- Most Andrew Tate-endorsed memecoins, including $GER and ROOST, have crashed by 99%, raising concerns about crypto market manipulation.
- Tate’s promotion of these volatile tokens has drawn parallels to insider trading accusations, further amplified by his claim of being able to influence token prices.
- Celebrity-endorsed Solana tokens, including those promoted by 50 Cent, Caitlyn Jenner, and Iggy Azalea, have also experienced massive losses, undermining trust in the crypto space.
Memecoins endorsed by Andrew Tate and other celebrities have seen massive value crashes, sparking concerns of market manipulation.
Tate, a controversial social media figure, endorsed over 10 Solana-based memecoins in June, with many losing up to 99% of their value.
For example, $GER (Germany Token) saw a 99% drop within two months.
These tokens, often without utility, are prone to extreme volatility.
One trader recently made a significant profit on the Nomogram token, while most others have faced major losses.
Coffeezilla just exposed @cobratate
— Bubblemaps (@bubblemaps) October 19, 2024
but wait—there’s more
A thread on the memecoins promoted by Andrew Tate (most went to zero) 🧵 ↓https://t.co/bODSyfVcpO pic.twitter.com/rmWyRzIEuQ
Tate has previously been accused of insider trading, and his promoted token Roost (ROOST) lost over 90% of its value after his endorsement, followed by a treasury wallet hack.
He later implied on social media that he could manipulate crypto prices at will.
Having the power to randomly pump any coin on the chart is super fun.
— Andrew Tate (@Cobratate) October 19, 2024
Other tokens he backed, including Daddy Tate and TopG, have also collapsed.
Beyond Tate, celebrities like 50 Cent and Caitlyn Jenner have promoted similar tokens, which have seen sharp declines, with half of the Solana-based tokens promoted in June losing over 99% of their value.
These endorsements have worsened public trust in the crypto space, raising concerns about celebrity involvement and market manipulation.
About The Author
Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.
His extensive experience and features in top-tier publications like Forbes and CNN underscore his deep understanding of the crypto world and its future potential.
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