According to CryptoPotato, the meme coin DADDY has seen a 35% surge in its price following an announcement by Andrew Tate, a former kickboxer and popular online influencer. The coin is currently trading at around $0.15, with its market capitalization just shy of the $100 million mark. Tate urged DADDY holders to accumulate as many assets as possible in the next 72 hours, hinting at a 'grand plan' after that period. He has previously expressed support for DADDY in its competition with another meme coin, MOTHER, and promised to burn his stash of DADDY coins.
However, DADDY has been the subject of controversy, with crypto analytics firm Bubblemaps claiming that insiders purchased 30% of the supply at launch. The firm also stated that Tate received 40% of all DADDY tokens, currently worth over $35 million. Last month, Tate introduced his own meme coin, RNT, which has also seen an 8% increase in its value.
On the other hand, MOTHER, DADDY's rival coin announced by Australian model and rapper Iggy Azalea, has been underperforming, with its price down 14% on a daily scale and almost 50% in the last week. Ethereum’s co-founder Vitalik Buterin has criticized the celebrity involvement in the meme coin trend, expressing dissatisfaction with the current cycle of celebrity experimentation. He suggested that the downfall of MOTHER should serve as a reminder of the potential financial risks associated with the meme coin niche.