Crypto analysts warn of Andrew Tate's DADDY coin as signs of insider trading mount

• On-chain data tracker Bubblemaps identified insider trading activity in the token DADDY, Andrew Tate holds 40% of the supply.
• Crypto analysts slam meme coins launched by celebrities on Ethereum and Solana.
• JENNER, DADDY, MOTHER and TOPG are the trending celeb coins, gaining popularity on social media platforms like X.

Several crypto analysts warned on Friday about the dangers of trading with the so-called “celebrity coins”, the current leading narrative in the meme coin space. Social media influencer Andrew Tate’s DADDY token, which is among the most popular ones, has been surrounded by accusations of insider trading activity.

Caitlyn Jenner’s JENNER, Iggy Azalea’s MOTHER and TOPG are other tokens in the category, based on meme coins referencing famous personalities that tend to endorse these tokens. 

Crypto data trackers identify insider activity in DADDY

Bubblemaps, a crypto data tracker, evaluated the on-chain activity in addresses holding DADDY token and noted that Solana-based token’s 40% supply was sent to the celebrity Andrew Tate. 

The platform believes there is insider trading in wallets associated with DADDY. Insiders allegedly bought 30% of the token’s supply at launch, prior to Andrew Tate’s promotion of the token on X. 

Insiders were sitting on unrealized gains of $45 million as of Tuesday, Bubblemaps says. 

An analyst behind the X handle @CredibleCrypto said these celebrity tokens are likely “short term money grabs,” asking traders to stop paying attention and validation to such projects. 

Ansem, the analyst behind the X handle @blknoiz06, criticized Andrew Tate and DADDY token for the alleged insider activity.

At the time of writing, Caitlyn Jenner (JENNER) price added nearly 5% in the past 24 hours, according to data from CoinGecko. Mother Iggy (MOTHER) is down nearly 15% in the same time frame, while Daddy Tate (DADDY) trades nearly unchanged. TOPG gained nearly 5% in the past 24 hours.