Controversial internet personality Andrew Tate on Thursday poked the proverbial hornet’s nest by proposing the thought of making a cryptocurrency and backing it with $100 million of his funds.
What Occurred: Tate floated the proposal with an thought to provide early entry at a reduction to members of College.com, a studying platform he owns. The tweet shortly went viral, resulting in the creation of a memecoin named “$TOPG.”
Inside hours of the announcement, TOPG’s market capitalization soared to $6.5 million.
Nonetheless, the state of affairs took a dramatic flip when Tate deleted his authentic tweet and changed it with a message from Could 17, 2023, vehemently denying any endorsement of “s**tcoins” and distancing himself from the cryptocurrency house.
“I DO NOT ENDORSE S**TCOINS. I’m not a scammer like each different ‘influencer’. I don’t must rob my followers. I DO NOT HAVE ANYTHING TO DO WITH ANY CRYPTO,” Tate clarified in his follow-up tweet.
In a separate subject, Tate’s request to ease judicial controls was rejected by a Romanian courtroom on Tuesday because of fees in opposition to him for human trafficking, rape, and forming a gaggle for sexual exploitation. Consequently, he is restricted from leaving Romania whereas the investigation proceeds, the Related Press reports.
Following Tate’s disavowal, TOPG skilled a major drop, with its market capitalization plummeting to $550,000. The coin is at the moment buying and selling at a market cap of $1.3 million and its value hovering round $0.001416, in keeping with data from Dexscreener.
Why It Issues: The incident elicited a spread of reactions on Twitter, with customers expressing skepticism and criticism in direction of Tate’s preliminary proposal and subsequent retraction.
Coffeezilla, a widely known YouTuber, juxtaposed Tate’s outdated tweet together with his newest thought, saying “Andrew Tate is launching a crypto scamcoin.” One other person drew parallels between Tate’s on line casino possession and the proposed cryptocurrency enterprise, recalling Tate’s earlier promotion of the Floki token, which resulted in losses for a lot of.
Following Tate’s tweet deletion and repost of his outdated tweet, the percentages of him launching his personal cryptocurrency in February have plummeted to five% on prediction markets.
What’s Subsequent: It stays to be seen if this episode could have any lasting influence on Tate’s popularity or on-line presence. Nonetheless, as the instance of Elon Musk shows, the subsequent viral memecoin sensation is just one movie star tweet away.