Andrew Tates cryptocurrency plummets following significant announcement
Ever since its inception, the meme cryptocurrency known as Daddy Tate (DADDY), associated with the British-American social media figure and former professional kickboxer Andrew Tate, also recognized as Top G, has surged in popularity. This surge has been accompanied by a notable increase in its price, largely attributed to Tate’s promotional efforts.
The value of DADDY has continued to rise, surpassing Iggy Azalea’s MOTHER coin, following Tate’s recent post asserting that he has never seen “mommy beat DADDY.” Additionally, Tate disclosed his intentions to transform this cryptocurrency into a utility token, as indicated by data from June 18.
On June 15, Tate revealed through his platform, The Real World, that DADDY will soon be accepted as a payment method to access The Real World, resulting in a significant price hike of 30% within two days of the announcement.
However, the trajectory of DADDY has taken a different turn, declining from $0.1983 to $0.1281 at present, marking a decrease of over 35%. This drop coincides with Tate’s announcement of his plans to convert DADDY into a non-fungible token (NFT) labeled as a “non-gay token (NGT).”
Furthermore, another prominent user, lyx.eth or DexGemsReal, has drawn attention to the parallels between DADDY and the popular memecoin Pepe (PEPE), hinting at the potential for Tate’s cryptocurrency to reach comparable price levels soon.
Despite the fluctuations in DADDY’s price, which currently stands at $0.1281, indicating a 37.70% drop in the last 24 hours and a cumulative decline of 45.93% since its trading metrics were introduced on CoinMarketCap, the coin has attracted a considerable following. On June 18, there were over 38,310 DADDY holders, representing an 11.8% increase from the previous count of 34,266.
Investing in cryptocurrencies, especially new tokens influenced by popular figures, can be volatile. Conducting thorough research and understanding the associated risks is crucial when considering investments in such assets.
