Beam (beam) 
DADDY Token, associated with Andrew Tate, has seen a decline in the past few hours. The token was trading at SOL 0.2563 on Friday, down from its all-time high of SOL 0.3625.
DADDY remains a significant cryptocurrency with a market cap exceeding $150 million. The token has performed well since its launch, largely due to Andrew Tate’s popularity, who has over 9.6 million followers on social media. Additionally, its user base has grown to more than 25,000.
The largest holder controls over 20 million tokens, while the second and third holders have approximately 17.2 million and 16.1 million tokens, respectively. This concentration of ownership may raise concerns about insider activity and market manipulation, a common issue in celebrity-backed tokens.
“Insiders bought 30% of the supply at launch, before Andrew Tate started to promote it on social media, and are currently holding over $45 million worth of tokens.”
Is DADDY Coin a Good Investment?
Celebrity tokens, like other meme coins, have made a few investors very wealthy, provided their timing is right. Traders have gained significant profits trading meme coins such as Pepe and Floki. However, celebrity meme coins often have a shorter lifespan compared to well-established cryptocurrencies like Solana and Ethereum. For instance, singer Davido’s token rose quickly but then crashed within a few days.
Recently, Rapper Iggy Azalea’s MOTHER token has dropped by over 50% from its all-time high, and this trend may continue with DADDY. Fundamentally, the DADDY token may decline over the long term as most of its holders exit their positions, similar to what has happened with many celebrity non-fungible tokens (NFTs) that have lost their value.
Shorting meme coins like DADDY could be risky due to the hype surrounding them and the potential for market manipulation.
DADDY Token Price Forecast
On the hourly chart, the DADDY/SOL token peaked at 0.3515 on Thursday, forming a double-top chart pattern with a neckline at 0.1876. In price action analysis, a double top pattern is one of the most bearish indicators in the market.
The chart also shows that the token’s volume has significantly decreased, and its price has moved below the 25-period and 14-period Exponential Moving Averages (EMA).
Given these indicators, the token’s outlook appears bearish, with the initial target being the double-top’s neckline at 0.1876. If it breaks below this level, it could fall further to the next support level at 0.1500.
Stay updated with the latest cryptocurrency news on Global Crypto News.
