Andrew Tate's Promoted Meme Coins Lose Value of Up to 99%: Lesson for Investors

Multiple meme coins promoted by former kickboxer and self-proclaimed "Top G" Andrew Tate have lost up to 99% of their value. This news follows a report by Cointelegraph, which stated that Tate promoted about 10 Solana-based meme coins including ROOST, FTRISAN, TOPG, and DADDY on June 7. Internet sleuth and YouTuber Coffeezilla, with over 1.5 million subscribers, revealed that "the meme coin ROOST started to rug pull shortly after Tate made his promotion post." ROOST claimed their treasury was drained due to a hack. However, the person who allegedly drained the funds remains anonymous. This incident serves as a cautionary lesson for investors to thoroughly research before investing, especially in meme coins that rely heavily on social media endorsements. Investors should be wary of engaging in crypto-related activities based solely on social media influencers' recommendations without conducting their due diligence.