The DADDY meme coin, associated with controversial figure Andrew Tate, recently experienced a significant rebound. After plummeting to an all-time low of approximately $0.048 on Monday, the coin surged by over 70% within two days. Despite this recovery, DADDY is still about 70% down from its peak in June.
Currently, DADDY is attempting to sustain its value above the 0.236 Fibonacci retracement level, which is around $0.073. This level is critical, calculated from a high of $0.288 to the recent low. The coin is showing signs of entering a strong uptrend, indicated by higher highs. However, it faces a significant resistance at the $0.095 mark, the 0.382 Fibonacci level. Failure to break this barrier may result in the coin fluctuating between $0.095 and $0.073. A drop below $0.073 could undermine the ongoing recovery.
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New Ventures and Ongoing Developments
Andrew Tate is also promoting his new venture, The Real World (TRW) token. He claims that TRW is backed by his educational business, which reportedly generates about $20 million monthly. Tate promotes TRW as an investment linked directly to his business’s profits, offering an attractive opportunity for his followers. DADDY holders are promised a TRW airdrop, though Tate has been teasing a whitepaper and airdrop since early July without delivering.
Insider Trading Allegations and Market Skepticism
The launch of DADDY was marred by controversy. Analytics platform Bubblemaps identified insider trading activities shortly after its debut. Insiders reportedly controlled 30% of the total supply, selling large amounts starting in mid-June, which likely contributed to price instability. One notable transaction involved an insider selling 15.14 million DADDY coins for approximately $1.74 million, yielding an extraordinary 2,875-fold return on the initial investment.
Critics have harshly criticized Tate’s financial schemes. A pseudonymous user on the social media platform X accused Tate of desperation, saying, “Andrew Tate has hit rock bottom and is begging for money. His money-making schemes do not appear to be going to plan. He desperately wants you to buy his crypto, sign up to his online ‘school,’ and join his $8,000 War Room (lol).”
Broader Celebrity Involvement in Meme Coins
Tate is not alone in the celebrity meme coin market. In June, around 30 celebrities launched their meme coins on the Solana blockchain, but these coins have collectively plummeted by an average of 94%, highlighting the risks associated with trend-based assets.
Conclusion
Andrew Tate’s DADDY meme coin has shown a remarkable recovery after hitting record lows, but it remains under scrutiny due to insider trading allegations and market volatility. The future of DADDY and Tate’s new TRW token remains uncertain as the market watches for further developments.
