In the summer of 2024, a meme coin named DADDY went viral on crypto X, and its price skyrocketed within days. The controversial influencer Andrew Tate supported the token, and in the following months and years, his announcements or actions have triggered substantial price volatility.

Just a few days ago, he was arrested, which resulted in a major price decline for DADDY. Check out what exactly happened.

Tate Behind Bars

Besides being famous for his successful kickboxing career, Tate has also made global headlines due to his legal troubles. Over the years, he has faced multiple charges in the UK, Romania, and the USA, and has been arrested on numerous occasions.

On July 19, he and his brother (Tristan Tate) were once again detained in Miami after the British authorities issued 38 new criminal counts against them, including rape, actual bodily harm, and human trafficking.

“We have decided to prosecute Andrew and Tristan Tate for further offenses including rape, arranging or facilitating trafficking for sexual exploitation and offenses relating to indecent images of a child,” Malcolm McHaffie, head of the Special Crime Division at the CPS, said.

Andrew Tate, who denies the allegations, is due to face trial in Britain later this year, and according to his recent X post, he has been situated in a Special Housing Unit (SHU). He described his current location as “the highest level of security which exists,” claiming he has no contact with the outside world, is not allowed visitations, and has a neighbor who is “a cannibal who screams throughout the night.”

Several X users found his remarks controversial, questioning how he could still be tweeting when supposedly cut off from the world beyond prison walls.

And while his ability to interact with social media from behind bars may be surprising, the price action of the meme coin DADDY is anything but. Its price has tumbled by roughly 40% since his arrest, currently trading at a mere $0.0092 (per CoinGecko), while its market capitalization has shrunk from $8 million to less than $5 million.

DADDY: From a Crypto Sensation to a Worthless Token

Nearly two years ago, the token saw the light of day, and it acted as an opposition to MOTHER (another meme coin which is affiliated with the Australian model Iggy Azalea). Being widely known as a misogynist and one who often praises male dominance, Tate supported DADDY for “the patriarchy.”

His backing and the huge initial hype triggered a serious pump for the token, whose price briefly jumped to nearly $0.30, while its market capitalization was aiming at $100 million.

However, DADDY doesn’t rely on fundamentals but on clear speculation and enthusiasm on social media, so what happened next should come as a surprise. The price entered a steep downward trend, only worsened by the insider trading accusations directed at Tate.

Source: CryptoPotato