DADDY memecoin loses $4M after Tate's arrest

Daddy Tate (DADDY) memecoin lost $3.95 million in market capitalization after Andrew Tate was arrested on additional criminal charges. The token's market cap fell to roughly $4.87 million from $8.82 million on July 18, a drop of nearly 45%, CoinGecko data shows.

The price tumbled 47% in seven days. DADDY opened July 16 at $0.01538 and traded around $0.00806 by July 23. That puts the token 97% below its all-time high of $0.29 from June 2024.

Tate, who faces 42 criminal charges in the UK and extradition proceedings in the US, sold about $23,000 worth of DADDY tokens in July, according to on-chain analyst MASTR. He had previously said he would not sell. Trading volume collapsed to $125,851 from nearly $4.8 million earlier this month.