Social media figure Andrew Tate endorsed Solana memecoins in June 2023. However, most of these tokens lost about 99% of their value, raising concerns over potential insider trading.

Sharp Decline in Memecoin Values

Most memecoins promoted by Andrew Tate, such as the $GER token, lost about 99% of their value shortly after his endorsement. According to an October 19 X post by Bubblemaps, a cluster held 30% of the $GER supply, and the price dropped by 99% in just two months.

Tate's Scandalous Admission

Following Coffeezilla's investigation into the Roost token's price decline, Andrew Tate shared a bizarre post claiming he could manipulate cryptocurrency prices. This came after Roost fell by 90% following his promotional posts.

Negative Impacts of Memecoins on Market

Many celebrity-backed memecoins, including those endorsed by Andrew Tate, have lost substantial value, undermining trust in the crypto market. These tokens have seen price drops exceeding 73%. The issue affected over 30 celebrity-endorsed tokens on Solana, many of which crashed by more than 90%.

The situation with celebrity-backed memecoins raises questions about the reliability and long-term sustainability of such investments. Investors should be more cautious when approaching similar projects in the future to avoid losses.