The DADDY Tate token price has diverged from Bitcoin and other altcoins this week as it surged to its highest level since June 15th. The token, promoted by Andrew Tate, rose to $0.2290 on Thursday, marking a 170% increase from its lowest point on June 22nd. This rebound has pushed its market cap to over $113 million.

DADDY’s rise stands out amidst a broader market downturn, with Bitcoin falling below $60,000. Other celeb-themed tokens have also seen declines. For instance, the MOTHER token, associated with Iggy Azelia, has dropped to its lowest point since June 1st. Similarly, Jason Derulo’s JASON token has plummeted by over 75% from its highest point last week.

DADDY’s token has rallied in a high-volume environment. Data indicates that the daily volume surged to over $31.7 million on Thursday, up from $15 million on Wednesday. Prior to this, the volume was averaging less than $10 million per day.

The number of DADDY token holders has increased to over 48,000, with potential to reach 50,000 if the current trend continues. There was no major news driving the token’s rise this week. The rally is likely due to Andrew Tate’s ongoing promotion of the token on social media platforms.

Traders are pushing the token with hopes of achieving a market cap of $300 million. If this milestone is reached, Tate has promised to buy and burn $1 million worth of tokens. Additionally, once the $300M market cap is achieved, Tate will burn $500k worth of the token. This process of burning tokens—where they are deposited in an inaccessible address—helps create value for the remaining tokens.

$DADDY is outperforming the entire market while every other crypto asset is dumping.

However, there is a risk that this rebound could be a dead cat bounce, where an asset in a freefall experiences a brief rebound before resuming its downtrend.

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