Over recent months, a series of memecoins promoted by controversial figure Andrew Tate have faced dramatic drops in value, stirring widespread concerns about potential market manipulation.
Tate, who jumped onto the Solana-based memecoin trend on 7 June 2024, endorsed over ten tokens, many of which have since lost almost 99% of their value.
According to a post by blockchain analytics firm Bubblemaps on 19 October, the Germany Token ($GER) saw a cluster holding 30% of its supply, with prices collapsing 99% in just two months.
Such sharp declines have sparked debate over the true nature of Tate’s involvement in these tokens, with critics questioning if these promotions are merely “pump and dump” schemes.
Despite the extreme volatility that defines memecoins, some traders still profit handsomely from the unpredictable market.
On 20 October, a crypto trader reportedly netted over $9 million by gaining a 3,000-fold return on the Solana-based Nomogram ($GNON) token.
However, Tate’s influence on the memecoin market appears far more sinister.
A video investigation released by YouTuber Coffeezilla on 19 October exposed how Tate’s endorsement of the Roost ($ROOST) token led to a 90% crash in value.
$ROOST token chart. (Screenshot from Coffeezilla’s Youtube)
Roost’s treasury wallet was hacked, with the community left high and dry.
"Roost’s treasury wallet got hacked, so the community literally got scammed," Coffeezilla explained. "And to make it worse, the guy who got hacked was anonymous."
The decline of Roost was not an isolated incident.
Most cryptocurrencies promoted by Tate, including Fuck Tristan ($FTRISTAN), TopG ($TOPG), and Daddy Tate ($DADDY), have experienced similarly devastating crashes, leaving investors in the lurch.
Tate hasn’t shied away from boasting about his ability to influence the market.
Hours after Coffeezilla’s video aired, Tate made a bold social media post, stating,
“Having the power to randomly pump any coin on the chart is super fun.”
This post only fueled further speculation that Tate may have intentionally manipulated the prices of these tokens for his own gain.
His provocative attitude towards the market is a far cry from his earlier scepticism.
In past interviews, Tate had dismissed cryptocurrencies as a form of "gambling" and criticised the crypto community, saying,
“Crypto is the only scenario I can think of where you can make a whole bunch of money while benefiting society zero."
Despite Tate’s dismissal of crypto’s utility, his promotional efforts have led to significant losses for everyday investors.
Memecoins like Daddy Tate ($DADDY), initially promoted with great fanfare, experienced a catastrophic decline.
Allegations of insider selling surrounded the launch of Daddy Tate, yet it managed to surpass the market capitalisation of Iggy Azalea’s Mother Iggy ($MOTHER) token by 13 June 2024.
However, like most other celebrity-backed tokens, it quickly plummeted.
Tate isn’t alone in promoting doomed memecoins.
Other celebrities, such as 50 Cent, Caitlyn Jenner, and Iggy Azalea, have also endorsed Solana-based tokens that suffered similar fates.
An analysis shared on X by cryptocurrency expert Slorg revealed that over 30 celebrity-endorsed tokens launched in June 2024 have dropped in value by at least 73%, with half of them losing over 99% of their worth.
The crypto world’s murky waters are filled with similar allegations beyond Tate’s controversial involvement.
UFC contender Khamzat Chimaev’s Smash ($SMASH) token faced scrutiny when it was revealed that up to 78% of the token’s supply was purchased by wallets linked to the development team.
Insider trading accusations have plagued these projects, shaking trust in both the crypto space and celebrity-endorsed tokens.
Coffeezilla, known for exposing shady crypto schemes, highlighted Tate’s apparent shift from crypto critic to enthusiastic memecoin promoter.
In a past video clip, Tate referred to crypto enthusiasts as “the biggest degenerate losers on the planet,” insisting that he had no interest in launching his own coin or exploiting his fans.
Fast forward to 2024, and Tate has done precisely that, pushing several tokens that rapidly collapsed after his promotion.
Coffeezilla’s investigation also scrutinised Tate’s involvement with the Real World Token, linked to his infamous Hustler’s University, an online course frequently described as a pyramid scheme.
According to the YouTuber, the token’s structure, based on so-called "PowerPoints" that could be converted into tokens representing shares of the school’s profits, closely resembled multi-level marketing tactics.
"PowerPoints" described as a pyramid scheme that is similar to multi-level marketing tactics. (Screenshot from Coffeezilla’s Youtube)
Tate’s legal problems only compound his controversial image.
In 2022, Tate and his brother Tristan were arrested in Romania on charges related to human trafficking and organised crime, allegations which they continue to deny.
While their legal case remains ongoing, these controversies have done little to deter Tate’s activities in the crypto space.
In a final twist, Coffeezilla revealed that after reaching out to Tate for comment, Tate not only refused to answer but leaked Coffeezilla’s email address, inciting his followers to harass the YouTuber.
Despite the revelations, Tate continues to insist that his intentions are to "pump everyone’s bags and give everyone money," a statement that many believe is simply more smoke and mirrors.
In the rapidly evolving and often chaotic world of crypto, Tate’s involvement has only deepened concerns about the integrity of celebrity-backed tokens.
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