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Andrew Tate’s crypto nosedives after major news

Andrew Tate’s crypto nosedives after major news

Since its launch, the meme cryptocurrency Daddy Tate (DADDY), linked to British-American social media personality and former professional kickboxer Andrew Tate, also known as Top G, has reached stellar popularity and, with it, an increase in price, aided by Tate’s publicity.

As it happens, the price of DADDY continued to grow, outshining Iggy Azalea’s MOTHER coin, after Tate’s X post that he has “never seen mommy beat DADDY,” as well as his announcement regarding plans to turn this crypto asset into a utility token, as per data on June 18.

Specifically, on June 15, Tate announced via the X account of his The Real World learning platform that the project will soon start accepting DADDY as a “payment method to join The Real World,” triggering a massive price gain that saw it advance 30% in the two days after the announcement.

Crypto tables turn

That said, DADDY has since taken a different path, dropping from the previously attained $0.1983 to $0.1281 at press time or by over 35%, coinciding with yet another announcement by Tate, in which he said he planned to turn DADDY into a non-fungible token (NFT) “but not gay because NFTs are gay” – or a “non-gay token (NGT).”

“In the last crypto bull run, there were a lot of ‘crypto influencers,’ dorks, je**ing off over fu**ing monkey pictures. It was truly upsetting. So, what I want to do is reduce the supply of DADDY coin to the point where even if you hold one DADDY coin, you get karmic retribution from the universe.”

Interestingly, at the same time, an X user with a large following, known as lyx.eth or DexGemsReal, has pointed out the similarities between DADDY and another popular memecoin – Pepe (PEPE), hinting at the possibility that Tate’s crypto asset could reach PEPE’s price heights very soon.

DADDY price analysis

For now, DADDY’s price of $0.1281 suggests a 37.70% decline in the last 24 hours, adding up to the accumulated drop of 45.93% since the launch of its trading metrics on the CoinMarketCap platform, according to the most recent data retrieved by Finbold on June 18.

DADDY price 24-hour chart. Source: CoinMarketCap
DADDY price 24-hour chart. Source: CoinMarketCap

All things considered, Andrew Tate’s memecoin has certainly attracted mass interest, evident in the fact that there were over 38,310 DADDY holders on June 18, up 11.8% in a single day from the previously reported 34,266, according to the latest information obtained from Solscan.

That said, prices in the crypto sector can often be volatile, particularly in cases of fairly new tokens that might be under the influence of popular individuals’ public statements, so doing one’s own research and staying aware of all the risks is critical when investing in them.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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