Andrew Tate’s Meme Coin Ignites Crypto Market Frenzy

Andrew Tate, a social media influencer and former professional kickboxer, recently ignited controversy in the crypto community. On Friday, he began promoting various tokens in the Solana (SOL) ecosystem while posting inflammatory statements on Twitter, creating a social media storm.

Known for his provocative social media presence, Tate’s actions have once again stirred up a whirlwind of positive and negative reactions.

Andrew Tate’s Meme Coin Ventures Spark Chaos and Interest

The chaos began after Tate stated his intention to hold onto $1 million worth of various assets with “diamond hands” if his post got a specific number of retweets. The term “diamond hands” is used to describe the action of keeping an asset for the long term, regardless of its price fluctuations, due to a strong belief in its future value.

Shortly after his post achieved the required number of retweets, he announced his plan to “crash the Solana network.” This statement implied that he intended to purchase many tokens in Solana, enough to potentially overload the network.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

Tate shared an address and encouraged people to send him coins. Hundreds of different coins flooded in. He burned some and promoted RNT throughout the day. Despite receiving many coins, Tate claimed he made “zero” money from these activities.

“I’ve made over 100 million trading through Solana. I’ve turned people into millionaires. I’ve made zero. Zero. I just bought coins and held them to dust,” he wrote on his X account.

Andrew Tate’s involvement in Solana significantly impacted the meme coin market. Real Nigger Tate (RNT), which he has been shilling hard, reached a market capitalization of $61.1 million.

Another coin, TOPG, achieved a market capitalization of $38.01 million. The TOPG developer allocated 58% of the supply to Tate, which he then burned. Additionally, TATE reached a market cap of $5.8 million, exemplifying the contagious popularity of these meme coins.

Following Tate’s actions, a slew of Tate-associated meme coins entered the market. For example, G, linked to Tate’s dog, achieved a market capitalization of $4.5 million. GRETA, inspired by Tate’s past encounter with Greta Thunberg, reached a market capitalization of $4.6 million, with Tate receiving 50% of its supply. 

Other noteworthy coins include WARROOM, which is associated with Tate’s private club, hitting $3 million in market capitalization. Meanwhile, EMORY, connected to his father, and FTRISTAN, stemming from a disagreement with his brother, reached market capitalizations of $2.8 million and $1.7 million, respectively. RBASE also reached a market capitalization of $1.7 million.

Read more: 11 Top Solana Meme Coins to Watch in June 2024

Although Tate’s motives remain unclear, his actions align with his history of creating controversial content. In mid-May, Tate claimed to have cashed out $500,000 in Bitcoin to invest in GameStop (GME) and meme coins to spite hedge funds. This further showcases his knack for stirring the pot in the crypto space.