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Saturday, July 20, 2024

Next Celebrity Scammer? Andrew Tate Wants to “Crash Solana” with Racist Memecoins

In a shocking and controversial move, kickboxer and influencer Andrew Tate has made headlines by venturing into the cryptocurrency space with a series of racist-themed memecoins on the Solana blockchain. Tate, known for his provocative statements and polarizing persona, announced his intention to “crash the Solana blockchain,” creating a spectacle that has drawn significant attention and criticism.

The Burn and Its Aftermath

Over the past weekend, several memecoins featuring Tate’s name and likeness were launched on Solana. Seizing the opportunity for dramatic effect, Tate burned tokens worth more than $37 million in a live broadcast, posting a video on social media where he danced and sang “Burn, Baby, Burn” in his underwear. This stunt led to a rapid increase in the prices of two specific tokens, TopG and Real Ni**er Tate, which surged by over a thousand percent and reached a combined market capitalization of over $230 million.

Tate, reveling in the chaos, tweeted: “I am an agent of chaos with no financial goals. It’s not about money. It’s about sending a message,” alongside several memes of the Joker from Christopher Nolan’s Batman series.

Community Backlash

The backlash from the crypto community was swift and fierce. African-American influencer and trader Ansem condemned the spectacle, tweeting, “Send this shit to $0. Every time you start with this ‘ni**a meta’ shit gets weird here.” Solana influencer Kook added, “Andrew Tate you make me sick. You disgusting racist. Get out of crypto now.”

Also Read: Bitcoin Remains ‘Significantly Undervalued,’ According to Finance Expert Bill Miller IV

DeFi expert Atlas warned investors about the potential risks, stating, “All of Tate’s manipulations with memecoins are a marketing campaign for his own academy. After this campaign, his memecoins will be worthless with a 99 percent probability. Andrew Tate is making millions from you. Be careful.”

The Crash

Following the initial surge, both memecoins experienced significant crashes. TopG fell 80 percent from its all-time high to a market capitalization of $7.5 million, while the Real Ni**er Tate token still holds a value of $27 million. Tate has since refrained from mentioning the tokens, leading to further skepticism about the sustainability and legitimacy of these projects.

A History of Controversy

Tate’s foray into the crypto world marks a stark contrast to his previous stance. He has often criticized cryptocurrencies, labeling them as ventures for “nerds and losers” and expressing his desire to stay uninvolved. This sudden pivot has raised questions about his true intentions and the ethical implications of his actions.

Must Read: Floki Among Top Losers Today, Plunges 9%

Tate is not the first celebrity to launch a memecoin on Solana, joining the ranks of influencer Caitlyn Jenner and rapper Soulja Boy. However, these projects frequently face challenges, with many failing or turning out to be scams, as seen recently with wrestler Hulk Hogan’s token.

Conclusion

Andrew Tate’s controversial entry into the cryptocurrency market with racist-themed memecoins has sparked significant debate and criticism. While the initial surge in token prices grabbed headlines, the subsequent crash and community backlash underscore the volatile and often speculative nature of the memecoin market. As more celebrities venture into this space, investors are urged to exercise caution and due diligence to avoid falling victim to potential scams.

Akshit Yadav
Akshit Yadav
Akshit is a dynamic young voice in the blockchain and cryptocurrency space, known for his innovative insights and fresh perspectives. Passionate about the intersection of technology and finance, he brings a youthful energy to his exploration of decentralized systems and digital currencies.

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