Andrew Tate-endorsed memecoins lose nearly 99% of value

Most memecoins endorsed by social media figure Andrew Tate have plummeted by 99% in value, raising concerns about potential insider trading.

Tate, who began promoting various Solana-based tokens on June 7, has been linked to over 10 memecoins, most of which have seen a rapid decline shortly after his endorsement.

An October 19 post by on-chain analyst Bubblemaps highlighted the steep drop in value, specifically noting the Germany Token (CRYPTO:GER), which lost 99% of its value within two months.

Bubblemaps stated, "Andrew Tate first bought $GER, and a cluster held 30% of the supply. The price dropped 99% in two months."

Despite the hype around memecoins, these tokens, known for their lack of intrinsic value, are notorious for extreme price volatility.

For instance, a savvy crypto trader made over $9 million in just three days by investing in the Solana-based Nomogram (CRYPTO:GNON) token, achieving a 3,000-fold return.

In contrast, Tate's endorsed tokens, including Roost (CRYPTO:ROOST), TopG (CRYPTO:TOPG), and Daddy Tate (CRYPTO:DADDY), have seen significant losses.

A recent video investigation by Coffeezilla delved into the Roost token, revealing that the token's price crashed shortly after Tate’s promotional efforts.

Coffeezilla noted, "Roost is now down over 90%. Roost’s treasury wallet got hacked, so the community literally got scammed."

Shortly after, Tate bizarrely claimed in a social media post, “Having the power to randomly pump any coin on the chart is super fun.”

Other celebrity-endorsed memecoins have also faced similar fates, with many losing up to 99% of their value shortly after launch.

An analysis by Slorg, a cryptocurrency expert, revealed that over 30 Solana-based tokens promoted by celebrities have seen massive price drops, with half falling by over 99% within weeks of launch.