Daddy Tate (DADDY) memecoin has seen its market capitalization crash by nearly $4 million since Andrew Tate was arrested and charged with more criminal charges.
The token’s market cap has plunged by $3,945,584, down from $8,819,958 on July 18 to about $4,874,374 on July 23, according to data from CoinGecko. As such, Daddy Tate coin has seen its market cap fall by nearly 45% during this period.
Daddy Tate has wiped out millions over the past few days as investors’ confidence declined following the increased criminal charges. Furthermore, the decorated kickboxer now faces 42 criminal charges in the United Kingdom, as he awaits extradition proceedings in the United States.
Daddy Tate price crashes amid thin trading volume
As the brothers face serious criminal charges, Daddy Tate price has tumbled by over 47% during the past seven days. The memecoin opened July 16 trading at $0.01538 but has since plummeted by $0.007321, trading at about $0.00806 at the time of publication.
As a result, the memecoin has nosedived by more than 97% from its all-time high (ATH) of about $0.29, registered on June 14, 2024. Earlier this month, Daddy Tate price peaked at approximately $0.03745 and has since been trapped in a series of sell-offs.
So far in July, the social media influencer, who received around 40% of the total supply from the developer, has sold tokens valued at about $23,000, according to on-chain analysis from a pseudonymous sleuth MASTR.
Notably, he sold the Daddy Tate tokens despite a prior promise to never sell. Consequently, the memecoin’s trading volume has declined to roughly $125,851 at the time of reporting, down from nearly $4.8 million earlier this month.
