DADDY, a meme coin promoted by influencer Andrew Tate, has fallen nearly 97% from its all-time high recorded two years ago. The token surged after Tate’s backing in summer 2024, briefly reaching $0.30 and a market cap near $100 million. However, it has since declined steadily, worsened by insider trading accusations and recent legal troubles. On July 19, Tate and his brother were detained in Miami on 38 new criminal counts from British authorities, including rape and human trafficking. Since the arrest, DADDY’s price has tumbled roughly 40% to $0.0092, with its market cap shrinking from $8 million to under $5 million.
Nearly two years ago, the meme coin DADDY launched as an opposition to MOTHER, another token tied to model Iggy Azalea. Andrew Tate supported DADDY for “the patriarchy,” triggering a rapid price surge. The token briefly jumped to nearly $0.30 with a market capitalization aiming at $100 million.
However, DADDY lacks fundamentals and relies on speculation and social media hype. The price entered a steep downward trend, worsened by insider trading accusations directed at Tate.
On July 19, Andrew Tate and his brother Tristan Tate were detained in Miami after British authorities issued 38 new criminal counts, including rape, actual bodily harm, and human trafficking. “We have decided to prosecute Andrew and Tristan Tate for further offenses including rape, arranging or facilitating trafficking for sexual exploitation and offenses relating to indecent images of a child,” said Malcolm McHaffie, head of the Special Crime Division at the CPS.
Tate, who denies the allegations, is due to face trial in Britain later this year. In a recent X post, he described being in a Special Housing Unit as “the highest level of security which exists,” claiming no contact with the outside world and a neighbor who “is a cannibal who screams throughout the night.”
Several X users questioned how he could still tweet while supposedly cut off from the world. Since his arrest, DADDY’s price has tumbled by roughly 40% to $0.0092 per CoinGecko, with its market cap shrinking from $8 million to less than $5 million. The token is now down nearly 97% from its all-time high from two years ago.
