Social media personality and former kickboxer Andrew Tate is known for his involvement in the cryptocurrency sector and commitment to making further investments in select digital assets.
In his latest move, Tate announced plans to invest $1 million in Daddy Tate (DADDY) coin once he reached 10 million followers on the X social media platform.
Tate’s growing follower base, currently around 9.9 million, has contributed to the short-term growth of the Solana (SOL)-based meme coin.
Over the past few months, Tate has actively promoted DADDY, including burning over $150 million of the token to influence its supply and value.
Impact of Tate’s $1 million investment in DADDY
If Tate follows through with his planned investment, it will significantly contribute to DADDY’s utility, which he has promised to push to $1 billion in market capitalization.
This potential $1 million purchase comes in the wake of accusations against Tate of insider trading related to DADDY. At launch, insiders purchased 30% of the total supply, with Tate’s wallet linked to this activity.
Notably, the token ecosystem is expanding its utility, including the planned introduction of staking. With staking, users can stake their tokens in exchange for TRW tokens, further enhancing the coin’s functionality.
Additionally, Tate plans to integrate DADDY with his Real World University, offering exclusive access to holders of the meme coin.
Like other meme coins, DADDY faces controversy regarding token distribution among a few investors. As of August 26, data from Solscan indicates that the top ten accounts hold over 22% of the token’s supply.
DADDY token distribution. Source: Solscan
Elsewhere, Tate has previously expressed his dissatisfaction for the traditional finance system, prompting him to make a commitment to convert $100 million worth of fiat currency into Bitcoin (BTC).
DADDY price analysis
Overall, DADDY has experienced significant volatility but recently showed bullish momentum, breaking above key resistance levels.
As of press time, the token was valued at $0.093, reflecting a weekly growth of about 28%. On the daily chart, DADDY is up 15%.
In the meantime, with the meme coin still lacking key fundamental drivers of price growth, DADDY investors will rely on overall market trends and hope that Andrew Tate and his brother Tristan Tate avoid further legal troubles in Romania.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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