Andrew Tate earned a staggering $85 million during the last bull run by investing in decentralized exchange PancakeSwap.
In a recent post on X, Tate emphasized the importance of distinguishing between speculative meme coins and genuinely innovative blockchain projects.
“There’s meme coins that’s great. But each bull run there are the genuinely technological useful or innovating blockchain coins,” he wrote.
“Last bull run was Defi land. Made 85M on pancake. Do you know what they are this bull run?”
Meme Coins Take the Spotlight
Andrew Tate’s remarks regarding his millions in returns come at a time when the cryptocurrency market is rife with speculation, fueled by the meteoric rise and subsequent fall of meme coins like Dogecoin and Shiba Inu.
Specifically, the market for Solana-based meme coins has been red hot, with tokens such as dogwifhat, BONK, and SMOG leading the pact.
As reported, the Solana meme coin sector has surged by 45.9% over the past day and 32.9% over the past week.
The platform has seen a wave of new coins featuring caricatures of public figures like Joe Biden and Donald Trump.
The viral story of a trader turning $260 into nearly half a million dollars with ‘Jeo Boden’ sparked the creation of coins like ‘Doland Tremp’ and ‘Olen Mosk.’
The Solana blockchain’s leading meme coin dogwifhat (WIF) has also recently become the fourth-largest meme coin by market capitalization.
This came after community members successfully raised over $690,000 in USDC stablecoin donations to showcase the dogwifhat mascot in the Sphere, a renowned entertainment venue in Las Vegas.
Tate’s U-Turn on Crypto
It is worth noting that Tate’s involvement in the cryptocurrency space has not been without controversy.
Despite his financial success, he has publicly distanced himself from launching his own cryptocurrency, citing concerns about its societal impact.
In a recent podcast, he criticized the perceived lack of societal value inherent in many cryptocurrency ventures, declaring, “Crypto is the only scenario I can think of where you can make a whole bunch of money while benefiting society zero.”
What I think of crypto enthusiasts pic.twitter.com/1bPNXGNm1N
— Andrew Tate (@Cobratate) February 25, 2024
Moreover, Tate’s outspoken nature and unconventional views on cryptocurrency investment have drawn both criticism and skepticism from the community.
In a viral post on X, Tate said he was glad that crypto investors lost all their funds during the long, drawn-out crypto winter that stretched through much of 2022 and 2023.
Earlier this year, Tate stirred controversy in the crypto space after revealing plans to launch a digital coin with a now-deleted February 2 post on X.
The social media influencer later deleted the post, stating that it was just a “joke.”
In addition to his controversial stance on cryptocurrency, Tate is currently embroiled in serious legal matters.
He faces accusations of human trafficking, rape, and exploitation of women, which he vehemently contests as unfounded and politically motivated.
Romanian authorities have seized several of his assets, including cars, watches, cash, and 21 Bitcoins, as part of an ongoing investigation.