Famous person's shared memecoins hit rock bottom: Crisis is growing!

Many of the memecoins supported by social media phenomenon Andrew Tate have been reset.

Andrew Tate, previously accused of insider trading and manipulating the cryptocurrency market. Most of the memecoins supported by controversial social media figures hit rock bottom, raising concerns about insider trading possibilities.

The memecoins that target Andrew Tate

On June 7, Tate joined the memecoin movement on the Solana network and shared more than 10 tokens on his social media account. However, according to Bubblemaps' Oct. 19 X post, most of these tokens lost 99% of their value shortly after Tate's post.

Andrew Tate first purchased $GER (Germany Token). He held 30% of the supply and the price dropped 99% in two months. Not just Tate, but most memecoins shared by celebrities such as 50 Cent, Caitlyn Jenner, and Iggy Azalea have fallen to zero.

Most other cryptocurrencies supported by Tate have lost over 90% of their value. These include FTRISTAN, TopG (TOPG), RNT (RNT), and Daddy Tate (DADDY).

Celebrities have taken over the Solana network

In June, there was a 73.23% drop in the prices of more than 30 famous supported tokens produced on the Solana network. UFC contestant Khamzat Chimaev's Smash (SMASH) token became the target of insider allegations after it was revealed that 78% of the token supply was purchased by wallets related to the project team and developers.

The majority of memecoins supported by celebrities have dropped by at least 66% in their first week after launch. These include Caitlin Jenner (JENNER), Timeless Davido (DAVIDO), and Rich The Kid (RICH) tokens.

This article does not contain investment advice or recommendation. Every investment and trading move involves risk and readers should conduct their own research when making a decision.