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Andrew Tate’s Meme Coin Triggers Crypto Market Frenzy
Andrew Tate, a social media influencer and former professional kickboxer, has recently sparked controversy in the crypto community. On Friday, he started promoting various tokens on Solana (SUN) ecosystem by posting inflammatory statements on Twitter, creating a social media storm.
Known for his provocative presence on social media, Tate’s actions once again provoked a whirlwind of positive and negative reactions.
Andrew Tate’s Coin Ventures meme sparks chaos and interest
Chaos began after Tate stated your intention to hold $1 million in various assets with “diamond hands” if your post he picked up a specific number of retweets. The term “diamond hands” is used to describe the action of holding an asset for the long term, regardless of fluctuations in its price, due to a strong belief in its future value.
Shortly after his post reached the required number of retweets, he announced his plan to “crash the Solana network.” This statement implied that he intended buy lots of tokens on Solana, enough to potentially overload the network.
See more information: 7 Hot Meme Coins and Altcoins That Are Trending in 2024
Tate shared an address and encouraged people to send him coins. Hundreds of different currencies entered. He burned some and promoted RNT throughout the day. Despite receiving a lot of coins, Tate stated that he made “zero” money from these activities.
“I have made over 100 million trades through Solana. I turned people into millionaires. I did zero. Zero. I just bought coins and turned them into dust,” he he wrote in your X account.
Andrew Tate’s involvement in Solana significantly impacted the meme coin market. Real Nigger Tate (RNT), he’s been shilling difficult, reached a market capitalization of US$61.1 million.
Another coin, TOPG, reached a market capitalization of $38.01 million. The TOPG developer allocated 58% of the supply to Tate, which it then burned. Furthermore, TATE reached a market cap of $5.8 million, exemplifying the contagious popularity of these meme coins.
TOPG market capitalization. Source: DEX Screener
Following Tate’s actions, a series of Meme coins associated with Tate have entered the market. For example, G, linked to Tate’s dog, reached a market capitalization of $4.5 million. GRETA, inspired by Tate’s previous meeting with Greta Thunberg, has reached a market capitalization of US$4.6 million, with Tate receiving 50% of its supply.
Other coins of note include WARROOM, which is associated with the Tate private club, reaching $3 million in market capitalization. Meanwhile, EMORY, linked to his father, and FTRISTAN, arising from a disagreement with his brother, reached market capitalizations of US$2.8 million and US$1.7 million, respectively. RBASE also reached a market capitalization of $1.7 million.
See more information: Top 11 Solana Meme Coins to Watch in June 2024
Although Tate’s motives remain unclear, his actions are in line with Your History of Creating Controversial Content. In mid-May, Tate claimed to have withdrawn $500,000 in Bitcoin to invest in GameStop (GME) and meme coins to anger hedge funds. This further shows his talent for stirring the pot in the crypto space.
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