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Andrew Tate meme coin sparks crypto market frenzy, rakes in millions

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

Tate was known for his provocative presence on social media, and his actions once again sparked a whirlwind of positive and negative reactions.

Andrew Tate's coin projects spark chaos and interest

The chaos began after Tate's statement I built it Hold various assets worth $1 million with Diamond Hands if released on A specific number of retweets. The term "diamond hands" is used to describe the action of holding an asset for the long term, regardless of fluctuations in its price, due to a strong belief in its future value.

Shortly after his post reached the desired number of retweets, he announced his intention to "crash the Solana network." This statement indicates that He intended Buy multiple tokens in Solana, enough to potentially overload the network.

Tate shared an address and encouraged people to send him coins. Hundreds of different pieces were sunk. Some burned and promoted RNT all day long. Although he received numerous coins, Tate claimed he made "no" money from these activities.

"I've made over 100 million transactions through Solana. I've turned people into millionaires. I've made zero, just bought coins and kept them in the dust." books On his X account.

Andrew Tate's involvement in Solana greatly influenced him On the currency market. Real Nigger Tate (RNT), who was He has trouble with that Seriously, at a market value of $61.1 million.

Another coin, TOPG, reached a market capitalization of $38.01 million. Developer TOPG allocated 58% of the supply to Tet, then burned it. Additionally, TATE reached a market capitalization of $5.8 million, demonstrating the infectious popularity of these meme coins.

TOPG market capitalization.
TOPG market capitalization. Source: DEX Sieve

After Tate's actions, a large number of... Meme coins associated with Tet on the market. For example, G, combined with Tate's dog, reached a market value of $4.5 million. GRETA, inspired by Tate's previous meeting with Greta Thunberg, reached a market value of $4.6 million, with Tate receiving 50% of its supply.

Other notable pieces include WARROOM, associated with Tate's private club, which has a market value of $3 million. Meanwhile, EMORY, related to his father, and FTRISTAN, born from a dispute with his brother, reached market capitalizations of $2.8 million and $1.7 million, respectively. The value of RBASE also reached $1.7 million.

Although Tate's motivations remain unclear, his actions are consistent 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 despite hedge funds. This also shows his knack for stirring the pot in the crypto space.

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