$G comes as Tate ramps up his crypto advocacy post-election, with the broader bull market and "meme coin supercycle" sentiment gaining traction.
In a series of posts on X on November 17, Tate introduced $G, aligning himself with the latest celebrity pet meme coin trend, using his dog G as the mascot.
The promotion came with a mission: to target the coin leading the trend, Hasbulla's Cat ($Barsik), based on Russian media personality Hasbulla's pet cat.
Tate set an ambitious target for $G, aiming for a $100 million market cap. In the initial hours following the posts, the coin saw a substantial rally, reaching nearly $80 million, but it has since retraced below $20 million.
The effort features a familiar-sounding tagline, "Never seen a cat eat a dog, but I’ve seen a dog eat a cat," mirroring previous rivalry with the Iggy Azalea-backed meme coin, Mother Iggy ($Mommy) earlier this year.
The new initiative appears to follow similar promotional tactics used for his earlier coin, Daddy Tate ($Daddy), which also recently burned a 20% token.
From $Daddy to $G: Andrew Tate's Crypto Stint Intensifies
The promotion seems to be a mainstay in Andrew Tate's crypto stint after he alluded to further plans in response to an X user's inquisition on his shift away from $Daddy.
This transition could be attributed to $Daddy's lack of sustained success. Despite an initial surge nearly hitting its $100 million market cap target, $Daddy has gradually declined to $54 million, even with continued promotional efforts and token burns.
Tate’s venture into $G isn’t his only recent crypto endeavor. He has also jumped on one of the foremost meme coin narratives, the "AI meme coin supercycle," promoting Tate Terminal ($TATE).
However, this venture was met with limited success – a trend among celebrity-backed meme coins. These coins often experience brief, sharp surges but struggle to maintain momentum compared to conventional meme coins with more organic community backing.
It isn't all about meme coins for Tate, though. He has also adopted a strong bullish stance on Bitcoin post-election, expressing his anticipation for the upcoming bull market as “only up” territory for the leading cryptocurrency.
In typical Tate fashion, he made bold statements of his advocacy for Bitcoin, most notably by vowing to match Former CEO of MicroStrategy Michael Saylor by buying $1 million worth of Bitcoin every time Saylor does.
Andrew Tate Insider Trading Allegations
As more celebrities jump on the meme coin trend, rug-pulls and insider trading allegations become rampant, with Andrew Tate featured in the controversy.
Crypto analytics firm Bubblemaps recently called out Tate's promoted token, claiming to have "found huge insider activity" during a June 12 X thread.
The firm stated that 11 wallets bought 20% of the DADDY token supply on June 9th, before Tate's first X post.
All these wallets were funded through Binance with "nearly identical amounts at the same time." Bubblemaps added that it couldn't confirm whether the wallets belong to the same group, but "the timing and amounts strongly suggest they do."
In May, the analytics firm made similar insider trading allegations to $Mother, claiming insiders bought 20% of the token’s supply at launch before Azalea first posted about it.
Ethereum co-founder Vitalik Buterin has voiced strong criticism against the celebrity-backed memecoin trend, emphasizing the need for more meaningful and impactful projects in the cryptocurrency space.
Given the proven volatility of these celebrity-backed coins, traders should explore more established meme coins with real staying power to avoid potential scams.
The post Andrew Tate Crypto Stint Intensifies, Promotes ‘$100M' Dog-Inspired Meme Coin $G appeared first on Cryptonews.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
