Andrew Tate’s DADDY Meme Coin Surges 40% Despite Bitcoin Plummeting to $60,000
Andrew Tate’s DADDY Tate (DADDY) meme coin has surged by 40% in the last 24 hours. This growth comes even as Bitcoin’s (BTC) value dips below the $60,000 mark.
Consequently, according to CoinGecko, DADDY’s market capitalization briefly touched the $100 million milestone, establishing it as one of the day’s top performers.
Can Andrew Tate’s DADDY Meme Coin Surge 175%?
The momentum for DADDY began to build after a video from Andrew Tate circulated. In it, Tate urged holders of the meme coin to enroll in his so-called university, The Real World. Tate set a 72-hour window for the accumulation of DADDY, teasing a major announcement aimed at “fixing the crypto space.”
“You will understand that we are going to build a space built on honor and hard work and diligence as opposed to simply being in first, getting lucky, rug pulling or being a sneaky anon,” Tate said.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Additionally, The Real World announced that Tate would go live to disclose an unfair advantage exclusively for its students.
“What do we mean by ‘unfair’? Well, DADDY, being up 40% in the last 24 hours while the whole market is down, is the perfect example,” The Real World wrote.
Technically, the DADDY meme coin exhibits a Volatility Contraction Pattern (VCP). This bullish pattern indicates progressively lower volatility and tighter price consolidations, often preceding a breakout.
The current neckline of this pattern is at $0.1673. This level coincides closely with the 0.618 Fibonacci Retracement level, drawn from a high of $0.2878 to a low of $0.0712.
Daddy Tate (DADDY) Price Analysis. Source: TradingView Should the price successfully breach this neckline, it could potentially escalate by 175% to reach $0.4208, which aligns with the 1.272 level of the Fibonacci retracement. Conversely, failure to break out could stabilize the price around the $0.0990 support level.
However, traders need to consider the risks of trading celebrity meme coins. There are various instances of pump and dump, where traders might lose a significant portion of their portfolio.
Read more: Crypto Scam Projects: How To Spot Fake Tokens
Moreover, there are allegations of insiders holding a large supply of Andrew Tate’s DADDY meme coin. So, if the insiders decide to cash out, the coin will almost lose all its value.
