Crypto: These Popular Memecoins Are Down 99%!

The controversial influencer Andrew Tate is making headlines again in the crypto world. Most of the memecoins he supported have lost almost all their value, raising questions about possible market manipulation.

The spectacular collapse of Tate’s memecoins

In June 2023, Andrew Tate ventured into promoting over a dozen memecoins on the Solana blockchain. These tokens, known for their lack of intrinsic value, quickly caught the attention of investors. However, their success was short-lived.

According to an analysis published by Bubblemaps on October 19, almost all of these cryptocurrencies have lost 99% of their value in just a few months. The case of the Germany (GER) token is particularly striking: after Tate’s initial purchase, a group held 30% of the total supply. Two months later, its price had collapsed by 99%.

Other memecoins promoted by Tate suffered similar fates. The Roost (ROOST), for example, plummeted by over 90% shortly after its promotion on social media. The Fuck Tristan (FTRISTAN), TopG (TOPG), and Daddy Tate (DADDY) all lost more than 90% of their initial value.

Suspicions of crypto market manipulation

These sudden collapses raise questions about the practices of Tate and his entourage. The influencer has previously been accused of insider trading and crypto market manipulation.

On October 19, just hours after the publication of a video investigation by Coffeezilla on the collapse of the Roost token, Tate posted a provocative message on X (formerly Twitter): “Having the power to randomly blow up any coin on the chart is super fun.”

This statement, coupled with the price history of the memecoins he promoted, reinforces suspicions of market manipulation. Many observers question the legality and ethics of such practices in a still poorly regulated sector.

In short, the collapse of Andrew Tate’s memecoins highlights the risks associated with these highly speculative investments. It also underscores the need for greater transparency and increased regulation in the crypto universe, particularly regarding the promotional practices of influencers.