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Controversial influencer Andrew Tate is once again making waves in the crypto world. Most of the memecoins he backed have lost almost all of their value, raising questions about possible market manipulation.
The Spectacular Collapse of Tate’s Memecoins
In June 2023, Andrew Tate began promoting more than a dozen memecoins on the Solana blockchain. Known for their lack of intrinsic value, these tokens quickly attracted the attention of investors. However, their success was short-lived.
According to an analysis published by Bubblemaps on October 19, almost all of these cryptocurrencies have lost 99% of their value in just a few months. The case of the German (GER) token is particularly striking: after the first Tate purchase, one group held 30% of the total supply. Two months later, its price dropped by 99%.
Other memecoins promoted by Tate met a similar fate. Roost (ROOST), for example, plunged more than 90% shortly after the social media hype. Fuck Tristan (FTRISTAN), TopG (TOPG) and Daddy Tate (TADDY) have lost more than 90% of their original value.
Suspicion of crypto market manipulation
These sudden collapses raise questions about the practices of Tate and those around him. The influencer has already been accused of insider trading and crypto market manipulation in the past.
On October 19, hours after the release of Coffeezilla’s video investigation into the Roost token collapse, Tate posted a provocative message on X (formerly Twitter): “ Having the ability to randomly detonate any coin on the chart is super fun. »
This statement, along with the price history of the memecoins he promoted, reinforces suspicions of market manipulation. Many observers question the legality and ethics of such practices in a sector that is still poorly regulated.
In short, Andrew Tate’s memecoin collapse highlights the risks associated with these highly speculative investments. It also highlights the need for more transparency and increased regulation in the crypto world, especially when it comes to the promotional practices of influencers.
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I am passionate about Bitcoin, I love exploring the twists and turns of blockchain and cryptocurrencies and sharing my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I firmly believe that Bitcoin is the tool that can make this possible.
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.
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