TL;DR
Meme coin DADDY surged 35% after Andrew Tate’s announcement encouraging accumulation.The token faces insider purchase controversy, while rival coin MOTHER’s price has sharply declined.DADDY Heads North Again
One of the latest sensations in the meme coin niche – DADDY – saw its price soaring by 35% in the past 24 hours. It currently trades at around $0.15 (per CoinGecko’s data), while its market capitalization stands just shy of the $100 million milestone.
DADDY Price, Source: CoinGeckoThe token’s latest rally could have been triggered by an interesting announcement from Andrew Tate (a former kickboxer and a popular online influencer). He urged all DADDY holders to accumulate as many assets as they can in the next 72 hours (around 48 hours left), claiming he has prepared a “grand plan” after that period:
“We are going to build a place built on honor, hard work and diligence as opposed to simply being in first, getting lucky, rugpulled. I’ve been working on this for a very long time, and this is your 72-hour warning.”
Several weeks ago, Tate revealed supporting DADDY so it can flip MOTHER (another meme coin) “for the patriarchy.” He also promised to burn his stash, insisting he doesn’t want money but chaos.
It is worth mentioning that DADDY became the subject of huge controversy after crypto analytics firm Bubblemaps maintained that insiders purchased 30% of the supply at launch. The entity further stated that Tate received 40% of all DADDY tokens, which are currently worth more than $35 million.
Last month, the former kickboxer, known for his misogynist views, introduced his own meme coin, ticked RNT. The token is also well in the green, registering an 8% increase for the day.
What About MOTHER?
DADDY’s rival, announced by the Australian model and rapper Iggy Azalea, has been underperforming lately. Its price is down 14% on a daily scale and almost 50% in the last week.
Similar to DADDY, MOTHER caused some people to raise eyebrows. One of the critics was Ethereum’s co-founder Vitalik Buterin, who said:
“I’m feeling quite unhappy about “this cycle’s celebrity experimentation” so far. […] Ashton and Mila’s Stoner Cats was vastly more honorable than anything we’ve seen from this 2024 celebrity meme coin era – at least there was an actual show being funded.”
MOTHER’s downfall should serve as a reminder that dealing with the meme coin niche can be quite dangerous and lead to crucial financial losses. If you are about to hop on the bandwagon, please take a look at our dedicated video below: