Andrew Tate, a well-known and controversial figure on the internet, has recently shared his views on the current decline of Solana (SOL).
Tate suggests that this downturn could actually benefit the entire crypto market by weeding out weaker projects and creating opportunities for stronger, more credible ones to thrive.
According to the celebrity, this shake-up will open the door for robust projects to achieve new all-time highs (ATHs).
On June 18, Solana's price fell by 3.34% to $137.17, resulting in a market cap of $63.71 billion.
Over the past week, Solana has seen a massive drop of over 11%, from $160 to its current lows.
Despite this downturn, Tate sees a silver lining, predicting that the market will become healthier as weak or fraudulent projects are weeded out, leaving room for those with genuine potential to thrive.
Tate commented, "Amazing downturn in Solana to let a bunch of projects die, and the real ones bounce back to new ATH."
Amazing downturn in Solana to let a bunch of projects die and the real ones bounce back to new ATH.
— Andrew Tate (@Cobratate) June 18, 2024
Promoting the Andrew Tate Solana coin
Among the projects Tate considers "real" is the DADDY meme coin, which he has consistently endorsed.
Inspired by his online persona, the DADDY coin is one of many Solana-based meme coins gaining traction.
Tate announced in a previous tweet on X that if the DADDY coin reaches a market capitalization of $300 million within the next 10 days, he will publicly purchase and burn $1 million worth of DADDY tokens on a live stream.
This announcement is intended to boost investor confidence and drive up the token's value.
Despite Tate’s vocal support, the DADDY coin project has not been without its share of controversy.
Accusations of insider trading came to light when Bubblemaps revealed that insiders hold a significant 40% of the total DADDY token supply, with Tate suspected of holding a substantial share.
In response, Tate burned $110 million worth of DADDY coins to lower the price temporarily and pledged to "buy and burn" indefinitely, promising never to sell his DADDY reserve.
These insiders are now sitting on over $45 million in profits.
Tate's Involvement in Crypto
Tate’s recent announcement to invest in various “junk” tokens is not his first in the crypto market.
A few weeks ago, he expressed his willingness to invest heavily in Bitcoin and expressed frustration with traditional banking systems.
He intended to move $100 million into BTC and pledged to abandon fiat currency.
Although some critics questioned the legitimacy of his claims, his public statements reflect a broader pattern of controversial actions designed to maintain public attention.
At the time of writing, the DADDY coin's market cap is at $116.61 million, which is still about 82% below the $300 million target.
In addition, the price of Andrew Tate's crypto coin has declined by 14% in the last 24 hours, trading at $0.1164.
The crypto community monitors Andrew Tate's views on Solana's downturn and his promotion of the DADDY coin.
Is his claims a way to promote the coin he endorsed? Who knows. As of now, his speech is yet to have any real impact on Solana.