Tate Brothers' Arrest Sends DADDY Meme Coin into Free Fall
The DADDY meme coin experienced a significant decline of around 40% after Andrew Tate and his brother, Tristan Tate, were arrested in Miami on July 19. The drop in value came as UK prosecutors announced 38 new criminal charges against the brothers, including rape, human trafficking, and actual bodily harm.
Andrew Tate has denied the allegations and claimed he was being held in a Special Housing Unit with limited outside contact. However, his social media posts from custody sparked debate among users who questioned how he was able to post updates while claiming to be isolated.
The DADDY meme coin's market capitalization fell from approximately $8 million to below $5 million following the sell-off, according to CoinGecko. The token surged during its 2024 launch after Tate publicly backed it as a rival to Iggy Azalea's MOTHER meme coin.