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Andrew Tate’s DADDY Meme Coin Drops 60% Despite New Plans
Andrew Tate’s latest venture into crypto, meme coin Daddy Tate (DADDY), has seen a dramatic 35% drop in just 24 hours. This decline persists despite Tate’s ambitious plans to increase the coin’s usefulness and value.
However, the enthusiasm surrounding proposed utility for the DADDY meme coin has yet to translate into investor confidence. While Tate continues to champion new applications and integrations, the community and potential investors remain cautious.
Why Andrew Tate plans to convert DADDY into an NFT
He intends to turn DADDY into a non-fungible token (NFT) significantly reduce your offer.
“I want to reduce the supply of DADDY coin, so even if you own a DADDY coin, you will get karmic benefits from the universe. I will do this by purchasing the currency with my own money and burning it at certain market values. It will be in such limited supply that it will become a badge of honor to own it,” Tate said. stated.
See more information: 7 Hot Meme Coins and Altcoins That Are Trending in 2024
Furthermore, Tate plans to integrate the DADDY coin with his so-called university, Real World University. It proposes exclusive access for DADDY meme coin holders. He too suggested potential bet rewards for university members, where crypto is generated for free every day members log in.
Raffay Alvi, a crypto influencer, suggested another use case for the DADDY meme coin involving a trading bot. This bot would work on multiple blockchain platforms and offer referral commissions. Users would need to deposit DADDY meme coins to activate the bot, creating ongoing demand for the token.
According to DEX Screener, the coin has over 38,300 holders and has managed listings on major crypto exchanges like Gate.io and MEXC. Tate has committed to purchasing US$1 million in DADDY coins if it reaches a market value of US$300 million, promising to burn the coins if this goal is reached within ten days.
Despite these initiatives, the DADDY meme coin struggle in a volatile market. The currency has plummeted nearly 60% since its peak on June 12.
DADDY price performance. Source: DEX Tracker
Furthermore, it was marked by controversies, including allegations of insider trading. Blockchain analytics firm Bubblemaps has reported suspicious activity suggesting that insiders may have manipulated the coin launch.
Prior to Tate’s promotional efforts, insiders purchased 30% of the coin’s supply, raising concerns about market manipulation.
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