Andrew Tate's Solana-based memecoin, $DADDY, has climbed 38% over the past week and roughly 5% in the prior 24 hours, with its market capitalisation sitting at around $7.5 million at the time
Andrew Tate's Solana-based memecoin, $DADDY, has climbed 38% over the past week and roughly 5% in the prior 24 hours, with its market capitalisation sitting at around $7.5 million at the time of writing. The move comes as the token's issuer finds himself at the centre of a deepening legal crisis on both sides of the Atlantic.
US Marshals arrested Andrew and Tristan Tate in Miami on an extradition request from the United Kingdom, following an investigation into sexual offences reported by seven victims, according to the UK Crown Prosecution Service.Andrew faces 42 charges, including rape, human trafficking, indecent images of a child and assault. Tristan faces 17 charges, including sexual assault, rape and trafficking.
The extradition request followed an investigation by the UK Crown Prosecution Service, which said the alleged offences were reported by seven women and took place in the East of England, north of London, between 2010 and 2017.The brothers, who appeared in federal court in Miami, have denied all allegations against them, and their attorneys have vowed to fight the extradition request.
In Romania, the brothers separately face charges of human trafficking and forming an organised criminal group to sexually exploit women. The state of Florida is also conducting an active criminal investigation into them.
DADDY TATE ($DADDY) is a meme cryptocurrency launched on June 8, 2024 on the Solana blockchain.Tate's endorsement and promotion on platforms like X have been a major factor in its visibility and trading volume, with its real purpose appearing to be a speculative asset tied to Tate's brand and fanbase.
The recent price action is consistent with a pattern seen with other celebrity-linked tokens, where legal or media events, even negative ones, translate into short-term trading surges. The token remains highly volatile and well below its all-time high. DADDY TATE reached its all-time high of $0.2565 on June 15, 2024.
Investors should note that celebrity meme coins carry significant risks. Blockchain data analysts at Bubblemaps previously discovered suspicious insider activity that raised concerns about the integrity of the coin's early trading activity. As with all speculative assets of this kind, price moves driven by news cycles can reverse sharply and without warning.
The brothers deny all allegations.
Sources:CNN: Tate brothers arrested by US Marshals in Miami on UK extradition requestAl Jazeera: Why were Andrew and Tristan Tate arrested?CoinGecko: Daddy Tate (DADDY) Price
