DADDY Coin Tumbles After Human Trafficking Arrest of Prominent Meme Supporter
CryptoNewsTerminal Staff21 Aug, 2024
DADDY Coin Tumbles After Human Trafficking Arrest of Prominent Meme Supporter
The price of DADDY, a cryptocurrency promoted by controversial influencer Andrew Tate, has plunged by 16% following news of his arrest on suspicion of human trafficking. Tate, a former kickboxer known for his misogynistic and inflammatory remarks, is alleged to have owned 40% of the DADDY supply, worth approximately $122 million. This news has sent shockwaves through the crypto community, leading to a sharp sell-off of DADDY tokens. According to CoinMarketCap, DADDY is currently trading at $0.06377, representing a 12.63% decrease in value. The coin's market capitalization has also declined significantly, from $280 million to $240 million. The arrest of Tate, who has a large following on social media, has raised concerns about the potential impact on the reputation of DADDY and other meme coins. Some analysts believe that the negative publicity surrounding Tate could damage the credibility of these assets. As the investigation into Tate's alleged crimes continues, it remains to be seen how the DADDY price will perform in the long term. However, the recent sell-off highlights the volatility of meme coins and the risks associated with investing in these assets.
