DADDY Coin's Price Fell Over 40% Following Allegations Against Creator Andrew Tate

The coin, launched as a meme token earlier this year, saw a sharp drop to $0.082 after peaking at a $120 million market cap in July.

A coin created by controversial influencer Andrew Tate has crashed by over 40% following allegations that he was involved in a crypto scam.

DADDY Coin, launched as a meme token earlier this year, saw a sharp drop to $0.082 after peaking at a $120 million market cap in July. The coin, which enjoyed 100% gains in recent weeks, now trades down nearly 50% in the past 30 days.

The coin’s slide came as speculation grew over the sustainability of influencer-backed tokens. Investors who previously enjoyed DADDY’s meteoric rise are now evaluating risks tied to Tate’s involvement and the coin’s underlying stability.

Coffeezilla’s Investigation Raises Red Flags On Andrew Tate’s Memecoin

YouTuber Coffeezilla released a video detailing the allegations, where he stated that Tate promoted DADDY Coin as part of a potential scam. Coffeezilla cited Tate’s shifting stances on crypto and alleged that his digital asset project resembles multi-level marketing. The report led to a market reaction, with DADDY’s 40% slide intensifying as retail investors reconsidered their positions.

I asked Andrew Tate about his crypto scams and I think he sent the "War Room" after me. ?? https://t.co/3yHRqEgdqs pic.twitter.com/pJMIqRC149

— Coffeezilla (@coffeebreak_YT) October 16, 2024

Coffeezilla’s investigation highlighted Andrew Tate’s limited experience in digital finance and the coin’s underlying stability amid fluctuating market sentiment.

Meanwhile, Tate dismissed the accusations, but the impact on DADDY’s price remains evident as investors await further clarification on the coin’s legitimacy.

Other Notable Celebrity-Driven Meme Coins

In recent years, several celebrities have launched their own meme coins, often to mixed results. Some notable examples include:

Akon’s Akoin was initially marketed as a solution for financial inclusion in Africa. However, the coin quickly fell under scrutiny due to a lack of clarity around project details.

SafeMoon was also hyped by multiple influencers, including basketball player Lamelo Ball and rapper Swae Lee. However, the coin faced criticism after high-profile backers like Jake Paul and rapper Lil Yachty promoted the coin before its price collapsed amidst rug-pull accusations.

I am fully committed to $Daddy coin.

It will go to 1 billion.

I never fail.

You have been warned. pic.twitter.com/ogmOUSPWwn

— Andrew Tate (@Cobratate) June 27, 2024

The DADDY Coin sell-off highlights rising caution around influencer-driven assets, especially meme coins without transparent value propositions. DADDY’s crash has raised broader questions about the long-term reliability of influencer-driven cryptocurrencies, as meme coins remain especially vulnerable to public opinion.

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