Andrew Tate’s latest venture into crypto, the Daddy Tate (DADDY) meme coin, has seen a dramatic 35% drop in just 24 hours. This decline persists despite Tate’s ambitious plans to enhance the coin’s utility and value.
However, the excitement surrounding utility propositions for the DADDY meme coin has yet to translate into investors’ confidence. While Tate continues to advocate for new applications and integrations, the community and potential investors remain wary.
Why Andrew Tate Plans to Convert DADDY Into an NFT
He intends to transform DADDY into a non-fungible token (NFT) to reduce its supply significantly.
“I want to reduce the supply of the DADDY coin, so even if you hold one DADDY coin, you get karmic benefits from the universe. I will do that by buying the coin with my own money and burning it at certain market caps. It will have such a limited supply that it becomes a badge of honor to own any at all,” Tate stated.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Furthermore, Tate plans to integrate the DADDY coin with his so-called university, the Real World University. He proposes exclusive access for DADDY meme coin holders. He also hinted at potential staking rewards for university members, where crypto is generated for free every day the members login.
Raffay Alvi, a crypto influencer, suggested another use case for the DADDY meme coin involving a trading bot. This bot would function across multiple blockchain platforms and offer referral commissions. Users would need to deposit DADDY meme coins to activate the bot, creating a continual demand for the token.
According to DEX Screener, the coin boasts over 38,300 holders and has managed listings on major crypto exchanges like Gate.io and MEXC. Tate has committed to purchasing $1 million worth of DADDY coins if it reaches a $300 million market cap, promising to burn the coins if this target is achieved within ten days.
Despite these initiatives, the DADDY meme coin struggles in a volatile market. The coin has plummeted nearly 60% from its peak on June 12.
Moreover, it has been marred by controversies, including allegations of insider trading. Blockchain analytics firm Bubblemaps reported suspicious activities suggesting that insiders might have manipulated the coin’s launch.
Before Tate’s promotional efforts, insiders reportedly purchased 30% of the coin’s supply, raising concerns about market manipulation.
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