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Daddy Meme Coin Tumbles 34% Amid Andrew Tate’s Legal Controversies
The crypto market thrives on volatility, and the Daddy Tate (DADDY) meme coin’s recent downturn has drawn community attention. This instability has been compounded by high-profile promoter Andrew Tate, who is facing serious legal troubles.
Due to the legal challenges, there are uncertainties surrounding the future of the DADDY meme coin.
DADDY Meme Coin Declines 34% From Its Local Peak
Over the weekend, Andrew Tate promised to purchase $1 million worth of DADDY meme coins upon reaching 10 million followers on X (Twitter). However, he has yet to fulfill this promise.
When Tate’s follower count exceeded 10 million, expectations surged. But his subsequent tweets left much to be deciphered.
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He only stated he would buy “30,000 a day for a month” without clarifying whether this referred to the number of coins or the dollar value. This ambiguity has left investors in a state of uncertainty, contributing to the coin’s shaky performance.
Meanwhile, Tate’s legal dramas are intensifying. Romanian authorities have escalated their investigations with charges that include sex with a minor and trafficking underage persons. Last week, a judge placed Tate under house arrest rather than remanding him into custody following allegations involving 35 victims, including a girl aged 15.
Tate vehemently denounced these allegations outside his residence.
“This is a set-up. It is absolutely disgusting. Thirty of those girls say we have done nothing wrong. Two are the mothers of our children, two have never even been here to Romania,” Tate said.
Consequently, these legal issues have had a palpable impact on the DADDY meme coin. The cryptocurrency saw a sharp 34% drop from its peak of $0.10 on August 27.
Financial analysts have been closely monitoring the Money Flow Index (MFI), an indicator that measures buying and selling pressure. The MFI, currently below 20.00, signals that the coin is oversold. Despite a modest bounce to $0.077, the market remains wary.
Should buyer interest increase, the coin’s value could potentially reach $0.089. However, if selling pressure continues, the price could drop further to $0.070, undermining any recovery hopes.
Read more: 11 Top Solana Meme Coins to Watch in August 2024
Moreover, Tate’s “Daddy World Tour” now appears unlikely, given his legal constraints. Delays in the airdrop of The Real World (TRW) token to DADDY holders have further frustrated investors.
Tate has claimed that TRW token paperwork and technical requirements are complete, describing the token as a direct investment into his business, which purportedly earns $20 million monthly. Yet, there is no certainty about the fulfillment.
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