TL;DR
- Meme coins faced substantial losses in the past 24 hours resonating with a decline of the entire cryptocurrency market.
- MOTHER and DADDY, endorsed by Iggy Azalea and Andrew Tate respectively, were among the poorest performers.
Flashing Red
The cryptocurrency market retraced substantially in the past 24 hours, with Bitcoin (BTC) plunging well below $65,000 (Bitstamp’s data) and Ethereum (ETH) losing the resistance level of $3,500. The situation in the meme coin sector is no better. Dogecoin (DOGE) is down 8% daily, while Shiba Inu (SHIB), dogwifhat (WIF), Pepe (PEPE), Floki Inu (FLOKI), and many more have recorded even more severe losses.
Two controversial meme coins are among the poorest performers: MOTHER and DADDY. The former, announced by the Australian model and rapper Iggy Azalea, has tanked by over 40%, while its market capitalization slipped below $80 million.
DADDY—a token shilled by the online influencer Andrew Tate—currently trades at around $0.14, a 22% daily decline. This represents a 60% drop compared to the peak of $0.35 witnessed earlier this month.
The latest bloodbath in the meme coin sector serves as another warning that investors may experience crucial losses when entering the ecosystem. Traders are advised to hop on the bandwagon after conducting proper research and invest only as much as they are ready to part with. For more vital tips, please take a look at our dedicated video below:
MOTHER v DADDY: The Battle
MOTHER saw the light of day at the end of last month, recording impressive gains in its early days. It reached an ATH of $0.23 on June 7, while its market capitalization surged to $150 million. However, the meme coin launched by Iggy Azalea caused some people to raise eyebrows. Ethereum’s co-founder Vitalik Buterin was among those criticizing it, saying:
“I’m feeling quite unhappy about “this cycle’s celebrity experimentation” so far. […] Ashton and Mila’s Stoner Cats was vastly more honorable than anything we’ve seen from this 2024 celebrity meme coin era – at least there was an actual show being funded.”
Shortly after, Andrew Tate – known for his controversial opinions – showed support for DADDY (a meme coin built on the Solana ecosystem) so it can flip MOTHER “for the patriarchy.”
Crypto analytics firm Bubblemaps revealed that he received 40% of all DADDY tokens, currently worth around $33 million. Interestingly, Tate promised to burn his stash, saying he doesn’t want money but chaos. Bubblemaps further claimed that insiders purchased 30% of the token’s supply at launch.
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