Andrew Tate’s Daddy Tate (DADDY) memecoin project fell to an all-time low of approximately $0.048 on Monday and then impressively surged, gaining over 70% in just two days. Despite the recovery, the DADDY memecoin is still trading about 70% below its all-time high in June.
What’s Happening with DADDY?
Currently, DADDY is trying to maintain its value above the 0.236 Fibonacci retracement level, which is around $0.073. This critical level is calculated from a high of $0.288 to the recent low. The token now shows signs of starting a strong uptrend by marking higher peaks. However, it faces significant resistance at the $0.095 level. If this resistance level cannot be surpassed, it may trade between $0.095 and $0.073. If it falls below $0.073, the recovery could quickly end.
At the same time, Andrew Tate is leading a new initiative. This initiative is the Real World (TRW) token. Tate announced that DADDY holders are eligible for a TRW airdrop event. However, since the beginning of July, Tate has been hinting at a TRW whitepaper and airdrop event. These promises have yet to materialize.
Additionally, DADDY’s launch was overshadowed by controversies. Shortly after its debut, an analytics platform called Bubblemaps highlighted insider activities. Insiders with early access to DADDY controlled 30% of its total supply. They started selling in mid-June, potentially contributing to the price instability.
Details on the Matter
One insider transaction involved selling 15.14 million DADDY tokens for approximately $1.74 million, yielding an extraordinary 2,875-fold return on the initial investment. Critics did not hold back, and a user on the social media platform X accused Tate of desperation and dubious financial plans:
“Andrew Tate has hit rock bottom and is begging for money. His money-making plans don’t seem to be going as planned. He desperately wants you to buy his cryptocurrency, enroll in his online school, and join his $8,000 war room (lol).”
In fact, Andrew Tate is not the only celebrity tied to a memecoin project. In June, around 30 celebrities launched memecoin projects on the Solana blockchain network. The total value of these cryptocurrencies dropped by an average of 94%, highlighting the risks associated with trend-based assets.
