Andrew Tate, a social media influencer and former professional kickboxer, recently caused controversy in the cryptocurrency community. Last Friday, he started posting provocative posts on Twitter promoting various tokens in the Solana (SOL) ecosystem, which set social media ablaze.
Known for her provocative social media activities, Tate's actions have once again sparked a whirlwind of positive and negative reactions.
Andrew Tate's meme coin venture sparks confusion and interest
The confusion began when Tate announced his intention to keep $1 million worth of various assets with his 'diamond hands' if his posts received a certain number of retweets. The term 'diamond hands' is used to describe the act of holding an asset for the long term, regardless of price fluctuations, with a strong belief in its future value.
Shortly after his post reached the required number of retweets, he announced plans to “crash the Solana network .” This statement hinted at Solana's intention to purchase enough tokens to potentially overload the network .
Read more: 7 Popular Meme Coins and Altcoins That Will Be Trending in 2024
Tate shared his address and encouraged people to send him coins. Hundreds of different coins poured in. He burned some and promoted RNT all day. Despite receiving a large number of coins, Tate claimed that he received “zero” profits from these activities.
“I have done over $100 million worth of transactions through Solana. I've made people millionaires. I earned $0. Zero. I just bought coins and let them turn to dust,” he wrote on his X account.
Andrew Tate's participation in Solana had a significant impact on the meme coin market . Real Nager Tate (RNT), which he worked hard to shill, has a market capitalization of $61.1 million.
The market capitalization of TOPG, another coin, reached $38.01 million. TOPG developers allocated 58% of the supply to Tate, which was then burned. Additionally, Tate demonstrated the infectious popularity of meme coins by achieving a market capitalization of $5.8 million.
Following Tate's actions, numerous Tate-related meme coins appeared on the market . For example, G, associated with Tate's dog, achieved a market capitalization of $4.5 million. Inspired by Tate's past encounter with Greta Thunberg, Greta reached a market capitalization of $4.6 million, with Tate receiving 50% of the supply.
Other notable coins include WARROOM, which is associated with Tate's private club and has a market capitalization of $3 million. Meanwhile, EMORY, which is related to Tate's father, and FTRISTAN, which stemmed from a feud with his brother, recorded market capitalizations of $2.8 million and $1.7 million, respectively. RBASE also recorded a market capitalization of $1.7 million.
Read More: 11 Solana Meme Coins to Watch for in June 2024
Tate's motivations remain unclear, but his actions are consistent with his history of creating controversial content . In mid-May, Tate claimed to have cashed out $500,000 in Bitcoin and invested it in GameStop (GME) and meme coins in an attempt to harass hedge funds. This once again demonstrated his talent in shaking up the cryptocurrency market.
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