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Andrew Tate’s DADDY meme coin drops after Romanian police raid

Andrew Tate’s DADDY meme coin drops after Romanian police raid

GrafaGrafa2024/08/22 07:45
By:Mahathir Bayena

The Daddy Tate (CRYPTO:DADDY) meme coin, linked to controversial figure Andrew Tate, has seen a significant decline following a Romanian police raid on his properties.

Tate, known for his provocative statements and online presence, faces serious charges including human trafficking and forming a criminal gang to exploit women sexually.

On Wednesday, Romanian anti-organised crime agency DIICOT raided four locations in Bucharest and Ilfov as part of an investigation into these allegations.

Tate has denied the charges, claiming on social media that the accusations are based on his interactions with a former acquaintance who is now 24 years old, despite having met her when she was 17.

The impact on the DADDY meme coin was immediate.

Within hours of the raid, the coin's value plummeted by 16%.

Although there was a partial recovery, the coin remains down by approximately 10% over the past 24 hours and is currently 85% below its peak value from June 2024, according to GeckoTerminal data.

The raid also triggered increased short-selling activity on meme coin trading platforms like dumpy.fun, which led to further negative sentiment among Tate’s supporters.

One such supporter criticised those betting against DADDY, labeling it a “Matrix attack.”

Compounding the issue, Tate’s promotional activities for the "Daddy World Tour" and promises related to the DADDY meme coin have faced criticism.

The anticipated airdrop of The Real World (TRW) token, which was teased in July but remains delayed, has added to the skepticism.

Tate had described the TRW token as a direct investment into his business profits, which reportedly earn around $20 million monthly.

However, the lack of progress and ongoing legal troubles have led to accusations of fraudulent promises and desperation.

As legal issues continue to unfold, doubts about the coin’s future and the credibility of Tate’s promises are growing.

Critics argue that the ongoing legal battles and unfulfilled commitments suggest that investors might be facing further risks.

At the time of reporting, Daddy Tate was priced at $0.05573.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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