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Andrew Tate’s Meme Coin Sparks Crypto Market Frenzy
Andrew Tate, social media influencer and former professional kickboxer, recently sparked controversy in the crypto community. On Friday, he started promoting various tokens in the Solana (GROUND) while posting inflammatory statements on Twitter, creating a social media storm.
Known for his provocative presence on social media, Tate’s actions have once again sparked a whirlwind of positive and negative reactions.
Andrew Tate’s Meme Coin Ventures Spark Chaos and Interest
The chaos began after the Tate declared his intention to keep various assets worth a million dollars with “diamond hands” if his position obtained a specific number of retweets. The term “diamond hands” is used to describe the action of holding onto 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 intention to “crash the Solana network.“This statement implied that he destined to buy many tokens in Solana, enough to potentially overload the network.
Learn more: 7 Hot Meme Coins and Altcoins Trending in 2024
Tate sharing an address and encouraged people to send him coins. Hundreds of different pieces poured in. He burned a few and promoted RNT throughout the day. Although he received numerous coins, Tate claimed he made “no” money from these activities.
“I have completed over 100 million transactions through Solana. I’ve turned people into millionaires. I made zero. Zero. I just bought parts and ground them into dust,” he said. wrote on his X account.
Andrew Tate’s Significant Involvement in Solana impacted the meme coin market. Real Nigger Tate (RNT) that he was shilling hard, reached a market capitalization of $61.1 million.
Another coin, TOPG, reached a market capitalization of $38.01 million. Developer TOPG allocated 58% of the supply to the Tate, which it then burned. Additionally, TATE reached a market capitalization of $5.8 million, illustrating the infectious popularity of these meme coins.
TOPG market capitalization. Source: DEX analyzer
Following Tate’s actions, a series of Meme coins associated with the Tate have entered the market. For example, G, related to Tate’s dog, achieved a market capitalization of $4.5 million. GRETA, inspired by Tate’s past meeting with Greta Thunberg, reached a market capitalization of $4.6 million, with Tate receiving 50% of its supply.
Other notable plays include WARROOM, which is associated with Tate’s private club, reaching a market cap of $3 million. Meanwhile, EMORY, related to his father, and FTRISTAN, born from a disagreement with his brother, reached market capitalizations of $2.8 million and $1.7 million, respectively. RBASE also reached a market capitalization of $1.7 million.
Learn more: 11 Best Solana Meme Pieces to Watch Out for in June 2024
Although Tate’s motivations remain unclear, his actions align with his history of creating controversial content. In mid-May, Tate claimed to have cashed out $500,000 in Bitcoin to invest in GameStop (GME) and meme coins to antagonize hedge funds. This further shows his knack for stirring the pot in the crypto space.
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