Andrew Tate’s Meme Coin Crashes 40% Since His Arrest: Details

In the summer season 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 a number of days in the past, he was arrested, which resulted in a significant value decline for DADDY. Check out what precisely occurred.

Tate Behind Bars

Besides being well-known for his profitable kickboxing profession, Tate has additionally made world headlines resulting from his authorized troubles. Over the years, he has confronted a number of fees 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) have been as soon as once more detained in Miami after the British authorities issued 38 new legal counts towards them, together with rape, precise bodily hurt, and human trafficking.

“We have determined to prosecute Andrew and Tristan Tate for additional offenses together with rape, arranging or facilitating trafficking for sexual exploitation and offenses regarding indecent photos of a kid,” Malcolm McHaffie, head of the Special Crime Division on the CPS, stated.

Andrew Tate, who denies the allegations, is because of face trial in Britain later this 12 months, and based on his latest X put up, he has been located in a Special Housing Unit (SHU). He described his present location as “the very best stage of safety which exists,” claiming he has no contact with the surface world, just isn’t allowed visitations, and has a neighbor who’s “a cannibal who screams all through the night time.”

Several X customers discovered his remarks controversial, questioning how he may nonetheless be tweeting when supposedly minimize off from the world past jail partitions.

And whereas his capacity 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, at present 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 Worthless Token

Nearly two years in the past, the token saw the light 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 referred to as a misogynist and one who usually praises male dominance, Tate supported DADDY for “the patriarchy.”

His backing and the massive preliminary hype triggered a severe pump for the token, whose value briefly jumped to just about $0.30, whereas its market capitalization was aiming at $100 million.

However, 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 value entered a steep downward development, solely worsened by the insider buying and selling accusations directed at Tate.

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