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Controversial internet personality Andrew Tate has weighed in on the recent downturn of Solana (SOL), suggesting it could benefit the crypto market by eliminating weaker projects. He believes this shake-up will allow stronger, more legitimate projects to reach new all-time highs (ATH).
Is there more to the story? Where are these claims coming from? Read on.
Solana’s Decline: An Opportunity?
As of June 18, Solana’s price fell by 3.34% to $137.17, with a market cap of $63.71 billion. Over the past week, SOL has dropped over 11%, from $160 to its current lows. Tate sees this decline as a chance for the market to weed out underperforming projects.
Tate predicts that this downturn will ultimately benefit Solana. He expects it to streamline the market by removing weak or fraudulent projects, allowing those with real potential to thrive and hit new ATHs. Among these “real” projects, he highlights the DADDY meme coin, which he has consistently endorsed.
Amazing downturn in Solana to let a bunch of projects die and the real ones bounce back to new ATH.
— Andrew Tate (@Cobratate) June 18, 2024
The DADDY Coin’s Rise
Inspired by Tate’s online persona, the DADDY coin is one of many Solana meme coins gaining popularity. Tate announced a dramatic move to boost the coin’s value: if the DADDY coin reaches a market capitalization of $300 million within the next 10 days, he will publicly purchase and burn $1 million worth of DADDY tokens on a live stream. This announcement aims to boost investor confidence and drive up the token’s value.
Controversy and Allegations
Despite Tate’s support, the DADDY coin project faces scrutiny. Accusations of insider trading surfaced when Bubblemaps revealed that insiders hold 40% of the total DADDY token supply, with Tate suspected of holding a significant share. In response, Tate burned $110 million worth of DADDY coins to prop up the price temporarily and pledged to “buy and burn” indefinitely, never selling his DADDY reserve.
These insiders are now sitting on over $45 million in profits.
Andrew Tate & Crypto: Toxic Relationship?
Tate’s recent announcement to invest in various “junk” tokens is not his first foray into the world of crypto. A few weeks ago, he expressed his willingness to heavily invest in Bitcoin and voiced his frustration with traditional banking systems. He intended to move $100 million into BTC and pledged to abandon fiat currency.
Although some critics questioned the legitimacy of his claims, his public statements reflect a broader pattern of controversial actions designed to maintain public attention.
Does celebrity influence have a place in the crypto market? Let’s discuss!
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