Andrew Tate, former kickboxer and a social media influencer, has made a wave in the crypto world once again. DADDY has recently experienced an immense increase in value due to its listing on CoinMarketCap and a massive $110 million worth of coin burn.
Andrew Tate, the controversial internet influencer, has recently got his Solana based memecoin, DADDY into the limelight. The coin’s listing on CoinMarketCap and a massive $110 million worth of coin burn has made the coin’s market capitalization and price higher. The strategic move is similar to the previous move Tate used with another memecoin, Top G, showing his influence in crypto world.
DADDY’s CoinMarketCap Debut and Token Burn
On 14 June , 2024, DADDY was officially listed on CoinMarketCap, the leading crypto tracking platform. This listing has increased the coin’s visibility and authority, attracting a larger potential investors audience.
After the CoinMarketCap listing, Tate announced a massive 400 million DADDY tokens burn worth of $110 million. This strategic move has been done to remove these tokens permanently from the circulation, which decreased the overall supply. Coin burns are commonly used to create scarcity and could raise the crypto’s price.
Market Cap Surge and Price Rally
The token burn had an immediate and major effect on DADDY’s market performance. DADDY’s market capitalization increased to $300 million, an incredible feat for a relatively new memecoin. This surge reflects a growing interest in DADDY and a belief in its long-term potential.
DADDY’s price also rallied strongly, rising 14.11% to $0.2704 as of June 14, 2024. This price increase shows the positive sentiment surrounding coin’s demand.
Andrew Tate’s History with Meme coin
Andrew Tate is the old player in the meme coin world. He has done many works with other Solana based memecoins, mostly with Top G. Tate also planned a large token burn in that case, which resulted a brief price increase. This pattern shows that Tate has created a strategy to use his influence to manipulate the crypto market and generate interest in some memecoins.
Implications for the Memecoin Landscape
The events surrounding DADDY’s listing and token burn have a broader implications for the memecoin ecosystem. They highlight the ability of influential figures such as Andrew Tate to shape market trends and drive investor sentiment. They also highlight the volatile nature of memecoins, which can experience sharp price fluctuations due to hype and social media buzz.
Andrew Tate’s involvement with DADDY has brought the memecoin into the spotlight, which shows the potential of major gains in the volatile market. However, DADDY also serves as a warning story reminding investors of the risks associated with meme coins and the importance of doing a complete research before investing in the crypto market. As the memecoin market evolves, it will become interesting to see how big figures like Tate would influence the market development and investors nature.
Also Read: Andrew Tate to Downtrend SOL Ecosystem
