Andrew Tate stirs controversy by linking Solana’s price drop to potential elimination of weaker crypto projects.
Andrew Tate, a controversial internet personality and cryptocurrency devotee, has recently made headlines with his statements regarding Solana (SOL) and the broader crypto market.
Tate commented on Solana’s recent price decline on his social media platform X (formerly Twitter), implying that it could eliminate weaker ventures.
On Tuesday, June 18, the SOL price decreased by 3.34% to $137.17 at the time of this writing. The crypto had a market valuation of $63.71 billion.
Additionally, Solana’s value has declined by more than 11% in the past seven days, from $160 to its current lows.
Andrew Tate is of the opinion that the Solana dip enables projects that are lesser to dissipate, while those that are stronger can thrive.
Tate wrote, “Amazing downturn in Solana to allow a number of projects to fail and the genuine ones to rebound to the new ATH.” Therefore, he offered a suggestion of a selective survival within the ecosystem.
The implication is that the downturn will ultimately be advantageous. Additionally, Tate observed that the market will be simplified by the elimination of underperforming or fraudulent ventures during the downturn.
Furthermore, Tate anticipates that projects with genuine potential will flourish, reaching an all-time high (ATH).
Tate consistently endorses the DADDY meme coin, which is one of the “real” initiatives he alludes to.
Additionally, Tate disclosed that he would publicly acquire and incinerate $1 million in DADDY tokens during an X live broadcast, a bold and dramatic move.
The fire will be initiated if the meme coin reaches a market capitalization of $300 million within the next 10 days.
This announcement is perceived as a strategic initiative to increase the value of the token and instill confidence in investors.
DADDY is a coin that draws inspiration from Tate’s online persona and branding. The crypto is one of numerous Solana meme coins that have garnered popularity in the volatile market.
The crypto community has experienced substantial chatter as a result of Tate’s endorsement and his high-stakes promise.
Nevertheless, the authenticity of Tate’s DADDY coin initiative remains uncertain. Tate is the primary suspect in the allegations that the meme coin initiative is subject to extensive insider trading.
Bubblemaps, an on-chain data monitoring platform, disclosed last week that insiders possess an impressive 40% of the total DADDY token supply.
They also suspected that Tate held a significant portion. Tate burnt an astounding $110 million worth of DADDY coin as a result. The price was temporarily elevated by this fire.
Furthermore, Tate responded to the allegations by stating that he would never sell his DADDY reserve, but rather “buy and burn” it indefinitely.
