Trusted

Daddy Meme Coin Tumbles 34% Amid Andrew Tate’s Legal Controversies

2 mins
Updated by Harsh Notariya
Join our Trading Community on Telegram

In Brief

  • DADDY meme coin drops 34% amid Andrew Tate’s growing legal troubles and unfulfilled purchase promises.
  • Investor uncertainty grows as Tate’s vague tweets and legal woes impact DADDY coin’s stability and market confidence.
  • Market indicators suggest DADDY coin is oversold; further declines possible if selling pressure persists.
  • promo

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.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

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

Daddy Tate (DADDY) Price Performance. Source: TradingView

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.

Top crypto projects in the US | November 2024
Coinbase Coinbase Explore
Coinrule Coinrule Explore
Uphold Uphold Explore
3Commas 3Commas Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | November 2024
Coinbase Coinbase Explore
Coinrule Coinrule Explore
Uphold Uphold Explore
3Commas 3Commas Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | November 2024

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Harsh.png
Harsh Notariya
Harsh Notariya is an Editorial Standards Lead at BeInCrypto, who also writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created...
READ FULL BIO
Sponsored
Sponsored