The Andrew Tate-themed cryptocurrency, DADDY Tate (DADDY), was among the top gainers on Aug. 23, as traders closely followed Tate’s ongoing legal issues in Romania.

DADDY Tate (DADDY) surged by over 26%, reaching a high of $0.0795, its highest point since Aug. 15, and marking a 55% increase from its lowest level this month.

This rebound occurred alongside a strong comeback in several Pump.fun coins like Michi (MICHI), Smoking Chicken Fish (SCF), and Fwog (FWOG), which have rallied by 23%, 57%, and 80% in the last seven days.

The primary catalyst for DADDY’s surge was Andrew Tate’s recent legal challenges in Romania. On Thursday, a Romanian court placed Tate under house arrest following fresh allegations of sexual and human trafficking. As a result, Tate is now restricted to his home for 30 days.

In an X post, Andrew Tate defended himself, claiming that all accusations were false and hinting at potential corruption in Romania.

EVERY ACCUSATION AGAINST ME IS A LIE.EVERY SINGLE ONE IS FABRICATED.ENOUGH OF THE CORRUPTION. pic.twitter.com/3nlGxDJHbV

— Andrew Tate (@Cobratate) August 22, 2024

Most social media users have expressed support for Tate and his brother, Tristan Tate, who also faces similar accusations. In a post, Valentina Gomez noted that Romanian investigators had carried out investigations for three years and “found nothing”

Therefore, the DADDY token rose because of the hype his arrest generated. Data by Google Trends shows that the search for the name Andrew Tate rose to the highest point since March this year. Most of this traffic was from Albania, UK, Ireland, and Romania. 

Andrew Tate Google Seach Trends | Source: Google

The token also rose after the prediction market estimated that Tate would not be found guilty of human trafficking this year. That probability rose to 37% on Aug. 21 and then retreated to 10% in Polymarket. 

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DADDY token gains could be short-lived

DADDY price chart | Source: TradingView

DADDY price was trading at $0.075 on Friday, a few points above the 50-period Exponential Moving Average. 

That price was an important resistance level that it failed to move above since Aug.14. Its volume has remained in a downward trend after peaking on Aug. 15. 

Therefore, the most likely scenario is where it pulls back in the next few days as Tate’s arrest news fade. If this happens, it will drop to $0.0655, its lowest swing on Aug. 11 and Aug. 16.

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