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

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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. (Source: BeInCrypto)
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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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.
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.
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.”
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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