[{"category":{"name":"Trending News","exported_url":"trending-news"},"id":"c53c84f5-4adc-436e-85a5-1f01184d1941","updated_at":"2024-06-20T06:30:00.112+00:00","account":{"firstName":"Hamza","lastName":"Malik"},"description":"Discover the rise of Daddy Tate Coin (DADDY), its market impact, and the controversies surrounding it. Stay updated with Bitscreener for the latest crypto insights and trending news.","sapo":"Daddy Tate Coin (DADDY), promoted by Andrew Tate, has quickly gained attention in the crypto world. Launched in June 2024, this Solana-based meme coin is experiencing high trade volumes and some controversy.","title":"Daddy Tate Coin: Soaring, Sinking, or Scam? Unveiling The Controversy","content":"

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Daddy Tate Coin (DADDY) was launched in early June 2024. It is a celebrity meme coin and it is associated with Andrew Tate, American-British kickboxer turned social-media personality.

Andrew Tate

Andrew Tate. (Source: BeInCrypto)

Key Facts about DADDY:

It has a current supply of 999,69 million coins.
DADDY operates on the Solana platform.
It can be bought through a decentralized exchange (DEX).
Currently it is not listed on Binance.
It is currently operating in 27 active markets with trade volume of over $68.24 million in the last 24 hours.
All-time high price is $0.34 per (DADDY/USD) in mid-June 2024
DADDY is +0.24% in last 24 hours

DADDY and Tate - A recipe for success?

Soon after the rapid success of Iggy Azalea celebrity coin (MOTHER), Andrew Tate came forward in support of DADDY and pledged over $100 million worth of DADDY on a live stream. He advertised his coin by taking a jab at MOTHER.

As soon as Tate announced support for the coin, it surpassed the success of MOTHER and its price surged by 209%. Following the rapid bullish trend, DADDY has been bearish over the past two weeks now.

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What is “crypto education”?

Tate claims to use the coin for “crypto education.” The approach to “crypto educate” the masses, using DADDY, to become millionaires is still unclear. Unlike many online resources or financial institutions, DADDY does not have a well-defined curriculum. This has led to some people considering it as a short term success.

Why the sudden success?

Despite the bearish trend, DADDY is seeing millions of dollars of trade volume on daily basis. However, this does not necessarily translate to the coin’s success. The meme coins are heavily influenced by the community behind them. This fact alone makes meme coins a highly volatile investment.

Allegations of insider trading

Blockchain analytics, Bubblemaps, raised concerns of insider trading even before the launch of the coin. They alleged that the people “on the inside” bought $45 million worth of the coins for personal gains and to manipulate the market. This happened before its association with Tate.

Moreover, Tate allegedly received 40% of the total supply of coins in his wallet. Tate responded to the allegations by saying “I will never sell what was sent to my wallet, I will only burn and buy. Forever. Diamond hands.”

How is the future looking for DADDY?

It is noteworthy that many of the famous meme coins have seen a double-digit bearish trend over the past couple of weeks. The most notable drop can be noticed in PEPE which dropped 14% and Shiba Inu dropped 7.5%. DADDY has become one of the trendiest coins owing to support of Tate, but it has largely failed to capture the interest of savvy investors who have long term interests. Therefore, expecting astronomical returns soon may not seem likely.

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Daddy Tate Coin: Soaring, Sinking, or Scam? Unveiling The Controversy

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