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Most memecoins endorsed by Andrew Tate have lost 99% of their value, with Coffeezilla uncovering shocking details about potential insider trading. The tokens, including ROOST and $GER, collapsed shortly after Tate’s endorsement, leaving investors scrambling.
Tate's Memecoin Endorsements Spark Insider Trading Speculation
A lot of people are wondering if Andrew Tate is involved in insider trading since the value of most memecoins that he supports has dropped by 99 percent.
On June 7, Tate joined the group backing more than ten tokens of the notoriously worthless Solana memecoin.
According to an Oct. 19 X post by Bubblemaps, the majority of these tokens have lost nearly all of their value since Tate's endorsement:
Memecoin Volatility Still Benefits Some Traders
Some traders have made a killing off of memecoins' wildly unpredictable prices, even though the cryptocurrency has no practical use, Cointelegraph shares.
A crypto trader who put his money into the Nomogram (GNON) coin, which is based in Solana, made a return of three thousand times his initial investment on October 20th, and in just three days, he made more than $9 million.
A number of celebrities, including Tate, 50 Cent, Caitlyn Jenner, and Iggy Azalea, have advocated for tokens based on Solana, but the value of these tokens has since plummeted.
Roost Token Among Biggest Losers After Coffeezilla Investigation
The former kickboxing world champion promoted several memecoins, including the Roost (ROOST) token, through his extensive social media presence, which included postings and videos showcasing ROOST products.
But according to a video investigation released by Coffeezilla on October 19th, the price began to plummet not long after Tate's promotional posts. It is stated by Coffeezilla in the video:
“Roost is now down over 90%. Roost’s treasury wallet got hacked, so the community literally got scammed. And to make it worse, the guy who got hacked was anonymous.”
Tate Responds to the Crash With Bold Claims
Tate posted an odd X message claiming he can control the price of cryptocurrencies all by himself, only hours after Coffeezilla revealed his investigation:
Fuck Tristan (FTRISTAN), TopG (TOPG), RNT (RNT), and Daddy Tate (DADDY) are among Tate's supported cryptocurrencies that have all had value drops of more than 90%.
