Former kickboxer, who had previously criticized cryptocurrencies, has caused a commotion in the crypto community by endorsing various Solana tokens. The influencer's Twitter activity led to fluctuating prices for Solana, with analysts discussing the support and resistance levels of the token. Andrew Tate, a former kickboxer with a history of controversial remarks, surprised many with his endorsement of Solana tokens, despite his past skepticism towards the crypto market. Tate's promotion was accompanied by racially insensitive comments that further fueled the controversy. The uproar began when Tate announced on Twitter his intention to hold $1 million worth of random assets with 'diamond hands,' a term indicating unwavering long-term commitment to an asset's value. Subsequently, his provocative statement threatening to 'CRASH THE SOLANA NETWORK' raised concerns about potential market manipulation by flooding the Solana blockchain with a large token purchase, which could overwhelm its transaction processing capabilities. Currently, Solana supports approximately 1,900 transactions per second, indicating the scale of impact such a move could have. The unexpected endorsement by Tate added a layer of intrigue to the ongoing debates surrounding cryptocurrency and its volatile nature. For further details, visit CryptoTale.
Promotion of Solana Tokens by Former Kickboxer Sparks Crypto Controversy

by Giorgi Kostiuk
2 years ago

Other news
Mixin Network Announces Compensation Plan for Hack Victims

Mixin Network has initiated a debt registration and repayment process for users affected by the September 2023 hack, offering compensation in stablecoins and tokenized claims.

Mixin Hacker Wallet Transfers $385 Million to Tornado Cash

A wallet linked to the 2023 Mixin hack has transferred $385 million to a new wallet, which then sent the funds to Tornado Cash.

Goldman Sachs Invests Heavily in Solana Spot ETFs

Goldman Sachs has made substantial investments in Solana Spot ETFs, totaling approximately $108 million, indicating a growing interest in altcoins and a shift towards broader crypto adoption by traditional financial institutions.

Connecticut Man Accused of Defrauding Crypto Investors

Elmin Redzepagic, a 24-year-old from Connecticut, is accused of defrauding crypto investors out of nearly a million dollars, which he allegedly gambled online. He faces multiple charges including wire fraud and money laundering.

Hackers Exploit Workforce Monitoring Tool for Ransomware Attacks

Hackers exploit workforce monitoring tool Net Monitor for Employees Professional to deploy ransomware.

JPMorgan Sticks to $266,000 Bitcoin Target Despite Mining Challenges

JPMorgan maintains its long-term Bitcoin price target of $266,000 despite mining challenges.

Be the first to know about crypto news every day
Get crypto analysis, news and updates right to your inbox! Sign up here so you don’t miss a single newsletter