2024

World

Tate

Bitcoin

The DADDY Tate token price has diverged from <a href="https://crypto.news/price/bitcoin/">Bitcoin</a> and other altcoins this week as it jumped to its highest level since June 15th 
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DADDY price chart 
The token, promoted by Andrew Tate, rose to $0.2290 on Thursday, 170% above its lowest point on June 22nd. This rebound has pushed its market cap to over $113 million, according to <a href="https://www.dextools.io/app/en/solana/pair-explorer/zcdAw3jpcqEY8JYVxNVMqs2cU35cyDdy4ot7V8edNhz?t=1720096848688" target="_blank" rel="">DEX Tools</a>. 
DADDY’s rise happened at a time when a sea of red has spread in the crypto market, with Bitcoin falling below $60,000. 
Other celeb-themed tokens have also retreated. MOTHER, the token <a href="https://crypto.news/daddy-tate-and-mother-iggy-dive-as-the-fear-and-greed-index-slips/" target="_blank" rel="noreferrer noopener">promoted by Iggy Azelia</a>, has dropped to its lowest point since June 1st. Similarly, Jason Derulo’s JASON token has dropped to a record low and is down by over 75% from its highest point last week. 
DADDY’s token has rallied in a high-volume environment. Data by <a href="https://www.coingecko.com/en/coins/daddy-tate/historical_data" target="_blank" rel="">CoinGecko</a> shows that the daily volume rose to over $31.7 million on Thursday, an increase from $15 million on Wednesday. Before that, the volume was averaging less than $10 million per day. 
Daddy Tate’s token rose as the number of holders has jumped to over 48,000 and it could rise to 50,000 if the trend continues.&nbsp; 
There was no major news driving the token this week. Therefore, the rally is likely because Andrew Tate has continued to promote the token on X and other social media platforms. 
It also rallied as traders continued pushing it hoping that it will achieve a market cap of $300 million.&nbsp; If this happens, Tate has promised to buy and burn $1 million worth of tokens. 
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 <a href="https://twitter.com/search?q=%24DADDY&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$DADDY</a> is outperforming the entire market while every other crypto asset is dumping, We hope everyone will be ready for when the market conditions become bullish again, Because once <a href="https://twitter.com/search?q=%24DADDY&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$DADDY</a> reaches a $300M market cap, Tate will also burn $500k worth of the token: <a href="https://t.co/P1GWCOSNDp" target="_blank" rel="">pic.twitter.com/P1GWCOSNDp</a>— The Real World (@AccessTRW) <a href="https://twitter.com/AccessTRW/status/1808830691712344310?ref_src=twsrc%5Etfw" target="_blank" rel="">July 4, 2024</a>
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A token burn is the process where tokens are deposited in an address that cannot be accessed and is a good process of creating value for the remaining tokens. DADDY Tate is also jumping because of the Fear of Missing Out (FOMO) in the market. 
Still, there is a risk that this rebound is a dead cat bounce, where an asset in a freefall experiences a brief rebound and then resumes the downtrend.

DADDY Tate is beating other altcoins: is this a dead cat bounce?

crypto.news

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