Andrew Tate’s crypto forming a risky pattern
DADDY, a brand new token related to Andrew Tate, has retreated previously few hours. The token was buying and selling at SOL 0.2563 on Friday, down from its all-time excessive of SOL 0.3625.
DADDY stays a notable cryptocurrency with a market cap of over $150 million. The token has achieved properly since its launch due to the recognition of Andrew Tate, a provocateur with over 9.6 million X (Twitter) followers. It has additionally achieved properly due to the rising variety of customers which stands at greater than 25,000.
The largest holder is in command of greater than 20 million tokens whereas the second and third holders are sitting on roughly 17.2 million and 16.1 million, respectively. This can be a crimson flag given an unlucky development of insider exercise and market manipulation inside the celebrity-backed tokens house.
Is DADDY coin an excellent funding?
Celeb tokens, like different meme cash, have made a couple of fortunate folks very wealthy if their timing is correct. Merchants have been recognized to make massive earnings buying and selling meme cash like Pepe and Floki. Nonetheless, celeb meme cash will most definitely have a shorter lifespan than well-established cryptocurrencies like Solana and Ethereum. Only a few weeks in the past, singer Davido’s token rose after which imploded inside a couple of days.
This week, Rapper Iggy Azalea’s MOTHER token has crashed by over 50% from its all-time excessive — and this development might proceed with DADDY.
Subsequently, basically, the DADDY token will seemingly fall over the long run as most of its holders exit their positions. The identical occurred with celeb non-fungible tokens (NFTs), many which have turn out to be virtually nugatory.
Nonetheless, shorting meme cash like DADDY could possibly be dangerous due to the hype surrounding them and the potential of market manipulation.
DADDY token value forecast
On the hourly chart, we see that the DADDY/SOL token peaked at 0.3515 on Thursday, the place it shaped a double-top chart sample whose neckline was at 0.1876. In value motion evaluation, a double prime sample is likely one of the most bearish indicators available in the market.
The chart additionally exhibits that the token’s quantity has crashed onerous whereas its value has moved under the 25-period and 14-period Exponential Transferring Averages (EMA).
Subsequently, the token’s outlook is bearish, with the preliminary goal being the double-top’s neckline at 0.1876. A break under that degree will see it tumble to the following degree at 0.1500.
