Andrew Tate, along with celebrities like 50 Cent, endorsed Solana memecoins, sparking rapid interest among retail investors hoping for quick profits.
Soon after Tate’s promotion, the tokens crashed, losing 99% of their value and exposing the risks of hype-driven, low-utility coins.
While many investors faced losses, some traders earned millions by exploiting the extreme price swings in these celebrity-backed tokens.
Wallet analysis revealed large shares of tokens held by insiders, raising suspicions of manipulation and potential insider trading.
With these tokens crashing, trust in celebrity-endorsed crypto has weakened, fueling calls for regulatory protection for investors.