In the summertime of 2024, a meme coin named DADDY went viral on crypto X, and its value skyrocketed inside days. The controversial influencer Andrew Tate supported the token, and within the following months and years, his bulletins or actions have triggered substantial value volatility.
Just some days in the past, he was arrested, which resulted in a significant value decline for DADDY. Try what precisely occurred.
Tate Behind Bars
Apart from being well-known for his profitable kickboxing profession, Tate has additionally made world headlines resulting from his authorized troubles. Through the years, he has confronted a number of prices within the UK, Romania, and the USA, and has been arrested on quite a few events.
On July 19, he and his brother (Tristan Tate) had been as soon as once more detained in Miami after the British authorities issued 38 new legal counts in opposition to them, together with rape, precise bodily hurt, and human trafficking.
“We now have determined to prosecute Andrew and Tristan Tate for additional offenses together with rape, arranging or facilitating trafficking for sexual exploitation and offenses referring to indecent pictures of a kid,” Malcolm McHaffie, head of the Particular Crime Division on the CPS, mentioned.
Andrew Tate, who denies the allegations, is because of face trial in Britain later this yr, and in line with his latest X put up, he has been located in a Particular Housing Unit (SHU). He described his present location as “the best degree of safety which exists,” claiming he has no contact with the surface world, is just not allowed visitations, and has a neighbor who’s “a cannibal who screams all through the night time.”
A number of X customers discovered his remarks controversial, questioning how he might nonetheless be tweeting when supposedly lower off from the world past jail partitions.
And whereas his means to work together with social media from behind bars could also be shocking, the value motion of the meme coin DADDY is something however. Its value has tumbled by roughly 40% since his arrest, presently buying and selling at a mere $0.0092 (per CoinGecko), whereas its market capitalization has shrunk from $8 million to lower than $5 million.
DADDY: From a Crypto Sensation to a Nugatory Token
Almost two years in the past, the token noticed the sunshine of day, and it acted as an opposition to MOTHER (one other meme coin which is affiliated with the Australian mannequin Iggy Azalea). Being broadly often known as a misogynist and one who typically praises male dominance, Tate supported DADDY for “the patriarchy.”
His backing and the massive preliminary hype triggered a critical pump for the token, whose value briefly jumped to almost $0.30, whereas its market capitalization was aiming at $100 million.
Nonetheless, DADDY doesn’t depend on fundamentals however on clear hypothesis and enthusiasm on social media, so what occurred subsequent ought to come as a shock. The worth entered a steep downward development, solely worsened by the insider buying and selling accusations directed at Tate.
The put up Andrew Tate’s Meme Coin Crashes 40% Since His Arrest: Particulars appeared first on CryptoPotato.