Known for his divisive online presence, Andrew Tate has been associated with a series of memecoin crashes that erased over 99% of the value of the coins he approved. His participation in the bitcoin market has drawn criticism, especially because of earlier claims of insider trading and manipulation.
On June 7, Tate joined the Solana-based memecoins’ wave and promoted over 10 tokens with no intrinsic worth. An October 19th report by Bubblemaps claims that these coins fell quickly, causing large investment losses. Tate, for example, backed the $GER (Germany Token), which saw a 99% price decline in just two months due to the concentration of 30% of its supply in a small group.
Having the power to randomly pump any coin on the chart is super fun.
— Andrew Tate (@Cobratate) October 19, 2024
Some traders nonetheless profit from the irregular price swings even if memecoins are generally unstable. Reaping a 3,000-fold gain, one astute crypto trader pocketed an amazing $9 million within three days after buying in the Solana-based Nomogram (GNON) cryptocurrency on October 20.
Tate is not the only one pushing these explosive assets. Celebrities such as 50 Cent, Caitlyn Jenner, and Iggy Azalea have also supported Memecoins, with many of them experiencing a similar rapid decline following their release. But Tate’s active advocacy throughout his social media channels—particularly for tokens like Roost, which collapsed by more than 90% following his endorsement—has drawn extra notice.
A recent video by well-known internet investigator Coffeezilla clarifies these accidents. His investigation revealed the collapse of Roost and the compromise of the token’s Treasury wallet, which led to deceit in the community. To further complicate matters, the wallet’s owner remained anonymous, raising questions about the transparency of such businesses.
Reacting to Coffeezilla’s research, Tate made a bold assertion on social media, saying he might influence bitcoin values. He claimed to be able to single-handedly shape the market, thereby fueling claims of market manipulation.
Other Tate-endorsed coins such as Fuck Tristan (FTRISTAN), TopG (TOPG), RNT (RNT), and Daddy Tate (DADDY) have all had their prices tumble by over 90%. Beyond Roost Particularly in the Solana ecosystem, this frequent breakdown of tokens sponsored by celebrities has damaged faith in the crypto industry. The great majority of the over thirty celebrity-backed coins introduced in June have had their prices drop at least 73%, which calls into doubt the legitimacy of these campaigns.
Tate’s strong marketing of these tokens, along with the rapid price collapses, fuels insider trading and market manipulation speculation, thereby influencing investor confidence in the memecoin craze, which is further fuelled by celebrities.
