The meme coin DADDY experienced a significant surge of 35% in its price within the last 24 hours, currently trading at around $0.15 with a market capitalization close to $100 million. This surge was supposedly triggered by an announcement made by Andrew Tate, a former kickboxer and online influencer. Tate encouraged DADDY holders to accumulate more assets within a 72-hour period, hinting at a ‘grand plan’ to be unveiled afterwards. His support for DADDY was evident when he expressed his desire to flip the rival coin MOTHER for ‘the patriarchy’ and burn his own stash to create chaos rather than seek monetary gains.
However, DADDY faced significant controversy due to allegations of insider purchases at its launch. Crypto analytics firm Bubblemaps revealed that insiders acquired 30% of the coin’s total supply, with Tate holding 40% of all DADDY tokens valued at over $35 million. This information brings into question the fairness and transparency of DADDY’s distribution and ownership structure. Furthermore, Tate’s history of controversial views, including misogyny, adds another layer of complexity to the situation.
In contrast to DADDY’s price surge, the rival coin MOTHER experienced a sharp decline, with a 14% drop in daily price and nearly 50% decrease over the past week. This decline raises concerns about the sustainability and reliability of meme coins in the volatile cryptocurrency market. Ethereum co-founder Vitalik Buterin criticized the trend of celebrity-backed meme coins, highlighting the lack of substance and utility in such ventures. The underperformance of MOTHER serves as a cautionary tale for investors dabbling in speculative meme coins.
The case of DADDY and MOTHER highlights the unpredictable nature of meme coins and the risks associated with investing in them. While price surges may attract attention and excitement, they also come with the potential for controversy, insider dealings, and eventual decline. The involvement of influencers and celebrities in promoting these coins adds another layer of complexity and skepticism to the market. Investors should exercise caution and thorough research before diving into the meme coin niche, as financial losses are a real possibility in this volatile environment.