Andrew Tate’s Daddy Tate (DADDY) meme coin plummeted to an all-time low of approximately $0.048 on Monday. However, it has rebounded impressively, surging over 70% within just two days.
Despite the rebound, the DADDY meme coin still remains around 70% down from its June all-time highs.
DADDY Meme Coin Attempts Recovery
Currently, DADDY is striving to maintain its value above the Fibonacci retracement level of 0.236, which is about $0.073. This critical level is calculated from a high of $0.288 down to the recent low.
The coin now exhibits signs of beginning a strong uptrend by marking higher highs. Yet, it encounters a significant challenge at the $0.095 mark — the 0.382 Fibonacci level.
Should it fail to break this barrier, it might fluctuate between $0.095 and $0.073. If it drops below $0.073, the budding recovery could quickly fade.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Simultaneously, Andrew Tate is steering a new venture — his The Real World (TRW) token.
“This is also complete, the tech is all complete, we have all the paperwork with lawyers to make sure we are SEC-compliant,” Tate declared.
TRW is anchored by Tate’s educational business, which purportedly nets about $20 million monthly. Tate touts TRW as an investment directly linked to his enterprise’s profits, offering a potentially lucrative opportunity for his followers. Moreover, Tate says that DADDY holders are eligible for a TRW airdrop.
However, Tate has been teasing a TRW whitepaper and airdrop since early July. Those promises have yet to materialize.
Also, the launch of DADDY was clouded by controversies. Shortly after its debut, Bubblemaps, an analytic platform, highlighted insider activities.
Insiders who accessed DADDY early supposedly controlled 30% of its total supply. They began selling in mid-June, potentially contributing to the price’s instability.
One insider transaction involved selling 15.14 million DADDY coins for roughly $1.74 million, achieving an extraordinary 2,875-fold return on the initial investment.
Read more: Crypto Scam Projects: How To Spot Fake Tokens
Critics have not held back. A pseudonymous user on the social media platform X condemned Tate, accusing him of desperation and dubious financial schemes.
“Andrew Tate has hit rock bottom and is begging for money. His money-making schemes do not appear to be going to plan. He desperately wants you to buy his crypto, sign up to his online “school” and join his $8,000 War Room (lol),” an X user criticized Tate.
Market experts have the same opinion. Prominent industry players have repeatedly warned retail traders to stay away from such projects.
“Andrew Tate has discovered the art of vapeware tokenization a la the worst of the ICOs. It’s possible to pay monied groups to make a market in your token and – voila – you have something like DADDY. Buyer beware,” Kadan Stadelmann, CTO of Komodo Platform, told BeInCrypto.
In fact, Andrew Tate is not the only celebrity with ties to a meme coin. In June, about 30 celebrities launched their meme coins on the Solana blockchain. These coins have collectively plummeted by an average of 94%, highlighting the risks associated with trend-based assets.
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