Daddy Tate (DADDY), the meme cryptocurrency associated with social media personality and former kickboxer Andrew Tate, is experiencing increased buying pressure driven by general market momentum and activities within the coin’s community.
As of press time, DADDY was trading at $0.1513, reflecting a staggering 108% growth over the past month. However, the token has recently faced short-term bearishness, dropping by 4.5% in the past 24 hours.
These developments are pushing DADDY’s market cap close to the $100 million mark, with the token just 9% shy of this threshold.
The token is encountering key resistance at $0.20 based on recent price movement. Investors should monitor how it interacts with the $0.150 level, as dropping below this mark could signal further losses.
Despite the short-term correction, DADDY shows strong upward momentum, trading above its 50-day simple moving average, with 63% of green days over the past 30 days. Its 14-day relative strength index (RSI) of 61.20 indicates it is nearing overbought territory but still has room to rise.
Why is DADDY surging
Looking at the key drivers behind DADDY’s momentum, the token lacks notable fundamentals to influence price trajectory during this period. Therefore, the rally is likely tied to its correlation with the general crypto market, led by Bitcoin’s (BTC) push to reclaim the $70,000 mark.
However, the DADDY network continues to be a hive of activity, seeking to drive more utility for the token, with many initiatives led by Tate. For example, the token recently surpassed the 64,000 holders mark after Tate hinted at a major announcement that could impact DADDY’s valuation.
The controversial internet personality stated he plans ‘big news’ for holders in the coming days and has maintained his goal to dominate the crypto space with the DADDY token.
He also announced plans to work with relevant legal teams to seek regulatory approval from authorities such as the Securities and Exchange Commission (SEC). This development is expected to affect his related coins, such as the TRW token.
Since its launch on the Solana blockchain, DADDY has been involved in several controversies, such as accusations of insider trading. In this regard, insiders allegedly purchased 30% of DADDY’s total supply, with Tate’s wallet reportedly linked to these activities.
In the wake of the recent rally, Tate was also involved in an online spat with crypto journalist Stephen Findeisen, a.k.a. Coffeezilla, who often investigates scams. The controversy arose after Findeisen inquired about Tate’s involvement in promoting questionable cryptocurrencies, including DADDY.
Meanwhile, the DADDY community continues to roll out measures to enhance the token’s utility with upcoming initiatives such as staking.
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