finbold.com
Despite once promising never to ‘scam’ his followers by promoting digital assets, the belligerent influencer Andrew Tate, who has become increasingly known for his troubles with Romanian law enforcement, has been active in certain segments of the cryptocurrency community in 2024.
Of the many projects he helped advertise – many of which he is accused of swiftly abandoning – he is most associated with an ill-fated meme coin called Daddy Tate (DADDY).
Though DADDY had several periods in 2024 – most notably in July and October – when it performed admirably, it is, nonetheless, substantially down this year.
DADDY meme coin performance in 2024
Specifically, on June 14, 2024, the earliest date available in the chart retrieved on December 31 from CoinMarketCap by FInbold, Daddy Tate was changing hands at $0.2407.
From there, it waxed and waned on multiple occasions and even recovered near its initial highs on July 5 – to $0.2239 – and on October 15 – to $0.1814 – but its trajectory was generally downward with a series of lower highs.
Finally, at the time DADDY data was retrieved, the meme coin was priced at $0.06032 – 74.48% below its original valuation. Such a plunge means that those investors who jumped at the opportunity to back Andrew Tate’s cryptocurrency project with $1,000 would have lost $750 and have $250 left.
Why DADDY price might never recover
While starting high and rushing to meet the ground is nothing strange for meme coins and other altcoins, there is a particular note of drama to the collapse of Daddy Tate.
The worst and most decisive of its downturns – at least to date – can be traced back to a scathing video published by the prominent online sleuth and Youtuber Stephen Findeisen, better known as Coffeezilla.
In the video, Findeisen claims to have investigated Andrew Tate’s involvement with cryptocurrencies and argues that, essentially, all of these interactions amount to little more than ‘pump and dump’ schemes.
Though the late October video was more of an overview of the allegations than an in-depth analysis of alleged shady behavior, investors apparently took note as it led to DADDY crashing approximately 40% by early November.