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Andrew Tate Solana: SOL Ecosystem Going Down?

Andrew Tate Solana’s statements and linked bold actions, including claims of burning millions in meme coins, have put Solana altcoin under market volatility pressure.

Andrew Tate Solana
Andrew Tate Solana: SOL Ecosystem Going Down? 2

Andrew Tate Solana controversy has erupted in the crypto market. Tate, a prominent social media influencer has caused a stir in the cryptocurrency world with his statement on Solana (SOL).

He is amongst a group of long list of celebrities who have launched their own meme coins. He has launched several Tate-inspired meme coins on the Solana blockchain ecosystem. The controversy started when he posted inflammatory views on X (formerly Twitter) about destroying the Solana network by burning SOL tokens.

The incident started when Andrew Tate expressed his intentions to hold onto $1 million worth of various meme coin assets on the SOL ecosystem for the long term, regardless of its price fluctuations on X. He set a condition to hold on this amount after his post reached a certain number of retweets.

Andrew Tate Solana’s chaos started after the specific retweets were shared on X. He added another post on X about his plan to crash the Solana network. This feat can be attempted by purchasing many tokens in the Solana ecosystem, enough to potentially overload the network.

Andrew Tate Solana: Hidden Gain

Tate strategically gained from the social media chaos in the SOL ecosystem. He asked people to send him coins at a specific address, and when hundreds of coins poured in, he burnt some of these and promoted Real Nigger Tate (RNT) meme coins.

Tate claimed he earned no money from this activity but Real Nigger Tate (RNT) meme coins reached a market capitalization of $61.1 million.

Andrew Tate Solana: Meme Coins Market Impact

The former professional kickboxer wrote on X:

“I’ve made over 100 million trading through Solana. I’ve turned people into millionaires. I’ve made zero. Zero. I just bought coins and held them to dust,”

Andrew Tate Solana’s fiasco directly impacted the meme coin market. Several meme coins such as Real Nigger Tate (RNT), TOPG (58% supply owned by Tate) reached a market capitalization of $61.1 million, and $38.01 million respectively. Tate additionally reached a market capitalization of $5.8 million.

Additionally, there are numerous meme coins created by Tate based on his relatives, dogs or past encounters with people. These have all large market caps.

WARROOM has $3 million in market capitalization, EMORY has a market capitalization of $2.8 million, FTRISTAN has $1.7 million, RBASE has a market capitalization of $1.7 million, G has a market capitalization of $4.5 million, and GRETA has a market capitalization of $4.6 million

Andrew Tate Solana’s chaos is not the first of his many stunts on the crypto market. He is a master at creating content for his own gains. He claims to have cashed out $500,000 in BTC to invest in GameStop (GME) and meme coins to spite hedge funds in May.

Andrew Tate Solana’s chaos received both positive & negative reactions in the crypto world. Investors need to use their own wits, and personal research to act upon these social media controvercies.

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The content presented here may express the author’s personal opinions and is subject to change based on market conditions. It is crucial to conduct your own market research before investing in any cryptocurrency. Neither the author nor this publication assumes any responsibility for any financial losses you may incur.