Memecoins
Andrew Tate’s DADDY Meme Coin Falls 60% Despite New Projects
Andrew Tate’s latest crypto venture, the meme coin Daddy Tate (DADDY), saw a dramatic 35% drop in just 24 hours. This decline persists despite the Tate’s ambitious plans to improve the coin’s utility and value.
However, the excitement over utility propositions for the DADDY coin has not yet translated into investor confidence. While Tate continues to advocate for new applications and integrations, the community and potential investors remain wary.
Why Andrew Tate is considering converting DADDY to NFT
He plans to transform DADDY into a non-fungible token (NFT) significantly reduce its supply.
“I want to reduce the supply of DADDY coins, so even if you hold a DADDY coin, you receive karmic benefits from the universe. I will do this by purchasing the coin with my own money and burning it at certain market caps. Its supply will be so limited that it will become a badge of honor to own one,” Tate declared.
Learn more: 7 Hot Meme Coins and Altcoins Trending in 2024
Additionally, Tate plans to bring the play DADDY to his so-called university, Real World University. It offers exclusive access to DADDY meme coin holders. He also has suggests to the potential staking rewards for University members, where crypto is generated for free every day members log in.
Raffay Alvi, a crypto influencer, suggested another use case of the DADDY meme coin involving a trading robot. This bot would work on multiple blockchain platforms and offer referral commissions. Users would need to deposit DADDY meme coins to activate the bot, creating continued demand for the token.
According to DEX Screener, the coin has over 38,300 holders and has managed listings on major crypto exchanges such as Gate.io and MEXC. Tate has engaged to purchase $1 million worth of DADDY coins if it reaches a market cap of $300 million, promising to burn the coins if this goal is reached within ten days.
Despite these initiatives, the DADDY coin struggle in a volatile market. The coin has fallen almost 60% from its June 12 high.
DADDY Price Performance. Source: DEX filter
Additionally, it has been marred by controversies, including insider trading allegations. Blockchain analytics firm Bubblemaps reported suspicious activity suggesting insiders may have manipulated the coin’s launch.
Prior to Tate’s promotional efforts, insiders reportedly purchased 30% of the coin supply, raising concerns about market manipulation.
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