Andrew Tate’s DADDY Meme Coin Under Hot Water After Police Raid

The Daddy Tate (DADDY) meme coin, associated with controversial influencer Andrew Tate, experienced a sharp decline following a police raid at his residence.

Andrew Tate’s DADDY Meme Coin Sees Sharp Decline After Police Raid

The Daddy Tate (DADDY) meme coin, linked to controversial influencer Andrew Tate, experienced a significant drop in value following a police raid at his residence.

Authorities descended upon four properties in Bucharest and Ilfov, led by Romania’s anti-organized crime agency, DIICOT, early Wednesday.

The raids were part of an investigation into serious allegations, including the trafficking of minors.

After the raid, Tate took to social media to dispute the charges.

“The ‘minor’ they are talking about is 24 years old. But because she first followed me years ago, when she was 17, they say I intended to traffic her. Even though I literally did nothing to her, and we’ve been friends for years. Matrix Attack,” Tate wrote on social media.

The crypto market reacted swiftly to the news. Within hours of the raid, the DADDY meme coin dropped by 16%.

While it recovered somewhat, the coin still remained down by around 10% in the past 24 hours. It is still trading 85% below its peak, which was recorded in June 2024, according to data from GeckoTerminal.

The raid also prompted several traders to short-sell the meme coin.

Dumpy.fun, a meme coin short-selling platform, announced that it would support traders looking to bet against DADDY, a move that drew criticism from Tate’s supporters.

One supporter, Issa, lamented what he called a “Matrix attack” against those short-selling DADDY under the circumstances.

“If you’re betting against DADDY in these circumstances, I’m sorry to break it to you: You’re not gonna make it,” Issa said.

Meanwhile, Tate has been promoting his “Daddy World Tour.” However, his legal troubles make this plan seem increasingly unlikely.

The promises surrounding the DADDY meme coin have also been lackluster, with a promised airdrop of The Real World (TRW) token to DADDY holders being teased since July but not yet materializing.

In August, Tate claimed that the paperwork and technical requirements for the TRW token were complete. The TRW token is linked to Tate’s so-called educational business, which he claims earns around $20 million per month. He has described TRW as a direct investment into his business’s profits, presenting it as an attractive opportunity for his followers.

However, skepticism about these promises is growing. Some critics argue that the Tate brothers appear increasingly desperate in their promotional efforts, with some accusing them of making fraudulent promises due to their pending legal issues.

“[Tate brothers] appear to be on the brink of tears, realizing that they haven’t got the money from their fans that they wanted. They say that they are going to pump it. DADDY holders have been hearing this for months now and are still waiting. Should [you] trust these self-confessed degenerate human traffickers who have a history of crypto scams,” a vocal Andrew Tate critique stated.