Controversial influencer Andrew Tate is once again making waves in the crypto world. Most of the memecoins he backed have lost almost all 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. These tokens, known for their lack of intrinsic value, quickly attracted the attention of investors. However, their success was short-lived.
According to a 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 Germany (GER) token is particularly striking: after Tate's initial purchase, one group held 30% of the total supply. Two months later, its price had collapsed by 99%.
Other memecoins promoted by Tate met a similar fate. Roost (ROOST), for example, fell by more than 90% shortly after it was promoted on social media. Fuck Tristan (FTRISTAN), TopG (TOPG) and Daddy Tate (DADDY) all lost more than 90% of their initial value.
Suspicions of crypto market manipulation
These sudden collapses raise questions about the practices of Tate and those around him. The influencer has already been accused in the past of insider trading and manipulation of the crypto market.
On October 19, hours after the release of a Coffeezilla video investigation into the collapse of the Roost token, Tate posted a provocative message on X (formerly Twitter): “ Having the power to randomly explode any coin on the chart is super fun. »
This statement, coupled 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, the collapse of Andrew Tate's memecoins highlights the risks associated with these highly speculative investments. It also highlights the need for greater transparency and increased regulation in the crypto universe, particularly regarding the promotional practices of influencers.
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