Many memecoins endorsed by controversial figure Andrew Tate have seen their value drop by 99%, sparking concerns about potential insider trading. Tate, who has previously been accused of manipulating the crypto market, began promoting Solana-based tokens on June 7, endorsing more than 10 different memecoins known for having little to no real value.
According to an Oct. 19 post by Bubblemaps, several of these tokens experienced sharp declines shortly after Tate’s endorsements. For instance, the $GER (Germany Token), which Tate bought, saw 30% of its supply concentrated in a cluster, leading to a 99% price drop within two months.
While memecoins are infamous for their volatility, with some traders benefiting from huge returns, most of the tokens Tate promoted have lost nearly all of their value. Despite this, a few traders have managed to profit from the chaos, such as one who made over $9 million from a Solana-based token in just three days.
Summary Review: Memecoins endorsed by Andrew Tate have crashed by 99%, fueling concerns over insider trading and market manipulation. Tate promoted several Solana-based tokens, but most have since plummeted in value. Although some traders have profited from memecoin volatility, the majority of investors in these tokens have faced significant losses.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
