The Daddy Tate (DADDY) meme coin, associated with controversial influencer Andrew Tate, experienced a sharp decline following a police raid at his residence. Known for his controversial remarks, Tate faces charges of human trafficking and forming a criminal gang to exploit women sexually.
Early Wednesday, masked officers raided four properties in Bucharest and Ilfov led by Romania’s anti-organized crime agency, DIICOT.
Andrew Tate’s DADDY Meme Coin Under Hot Water
These raids were part of an investigation into serious allegations, including the trafficking of minors. After the raid was over, Tate contested the charges on social media.
“The ‘minor’ they are talking about is 24 years old. But because she first followed me years ago, when she was 17, they say I intended to traffic her. Even though I literally did nothing to her, and we’ve been friends for years. Matrix Attack,” Tate stated on social media.
Consequently, the crypto market reacted quickly. Within just a few hours of the raid, the DADDY meme coin fell by 16%.
Although it regained some ground, it is still down by around 10% in the past 24 hours. According to data from GeckoTerminal, it remains 85% below its peak recorded in June 2024.
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Moreover, the raid prompted many traders to short-sell the meme coin. The meme coin short-selling platform dumpy.fun announced it would support traders looking to bet against DADDY, leading to criticism from Tate’s supporters. One supporter, Issa, lamented what he called a “Matrix attack” against those short-selling DADDY under these circumstances.
“If you’re betting against DADDY in these circumstances, I’m sorry to break it to you: You’re not gonna make it,” Issa said.
Furthermore, Tate has been promoting the “Daddy World Tour.” However, his legal challenges make this plan seem unrealistic. Promises surrounding the DADDY meme coin have been consistently underwhelming, including a delayed airdrop of The Real World (TRW) token to DADDY holders, which was teased in July and remains unfulfilled.
In August, Tate claimed that the paperwork and technical requirements for the TRW token were complete. The TRW token is tied to Tate’s so-called educational business, which purportedly earns about $20 million monthly. He has described TRW as a direct investment into his business’s profits, presenting it as an attractive opportunity for his followers.
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However, skepticism about these promises is growing. Critics argue that the Tate brothers appear increasingly desperate in their promotional efforts, with some accusing them of making fraudulent promises due to their pending legal issues.
“[Tate brothers] appear to be on the brink of tears, realizing that they haven’t got the money from their fans that they wanted. They say that they are going to pump it. DADDY holders have been hearing this for months now and are still waiting. Should [you] trust these self-confessed degenerate human traffickers who have a history of crypto scams,” a vocal Andrew Tate critique stated.
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