Tate's Arrest Triggers 40% Crash in Meme Coin DADDY Value
Andrew Tate's involvement in cryptocurrency has taken another hit. The controversial influencer was recently arrested, and his backing of the meme coin DADDY appears to have contributed to a significant price drop.
The token skyrocketed in value after Tate's support, with its price briefly reaching nearly $0.30. However, it has since entered a steep downward trend, dropping around 40% in value since his arrest.
Tate was detained on July 19 along with his brother Tristan, facing new charges including rape and human trafficking. He claims to be located in a Special Housing Unit (SHU) with 'no contact with the outside world' but has still been able to interact with social media.
The DADDY token's market capitalization has shrunk from $8 million to less than $5 million, currently trading at $0.0092 according to CoinGecko. Tate's backing of the token was seen as a publicity stunt, and its reliance on speculation rather than fundamentals has led to its significant price decline.