The value of the Daddy Tate (DADDY) has been closely linked to Andrew Tate’s online and offline activities since its launch in June 2024.
For example, when the controversial influencer announced on X that the meme coin would soon be accepted as payment in the real world, the cryptocurrency exploded in value by some 30%.
More recently, DADDY saw another rally as the Tate brothers revealed they are, after more than a year, free to leave Romania.
The cryptocurrency built on Solana (SOL) rapidly rallied from about $0.1818 to above $0.24, leading some investors to believe it is about to truly take off, possibly matching the success of Pepe (PEPE) as some analysts have predicted.
Trading since has, however, been substantially more choppy, and instead of continuing the rise, DADDY saw a significant decline to its press time price of $0.1658. Additionally, despite still being in the green on the weekly chart, the meme coin is 31.52% below its July 5 highs.
DADDY 7-day price chart. Source: CoinMarketCap
If quantified using the meme coin’s market capitalization, such movements indicate that the cost of Andrew Tate’s freedom for DADDY holders runs as high as $40 million as the cryptocurrency fell from approximately $142 million to $97 million between July 5 and 10.
The love and hate of Andrew Tate
There are multiple possible explanations for DADDY’s behavior after Friday, not the least of which is that, as a meme coin, it is subject to rapid and often inexplicable price changes.
Nonetheless, a part of the reason for the swift expiry of the rally may be that the news of Tate’s release from Romania has quickly been dampened by the clarification that he is still to remain within the EU and by the since-publicized tax evasion accusation against the brothers.
Additionally, Andrew Tate’s uncertain attitude toward the crypto market may also play a part.
Indeed, while actively engaging with cryptocurrencies – so much so that he once announced he would be abandoning fiat in favor of coins and tokens such as Bitcoin (BTC) and Ethereum (ETH) – he has also repeatedly ridiculed them.
Though Tate criticized the crypto community as childish and focused solely on quick profits, it would be hard to see his own frequently belligerent comments and his stated intent to ‘crash’ Solana as much more mature.
Finally, DADDY may have also been hampered by the fact that outside of his fanbase, Andrew Tate is generally seen as a shady grifter, which is bound to impact any project he is associated with.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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