The cryptocurrency DADDY Tate (DADDY) surged by 26% on August 23, attracting traders' attention amid Andrew Tate's ongoing legal issues in Romania.
DADDY Tate Cryptocurrency Rise
DADDY Tate surged by over 26%, reaching a high of $0.0795, its highest point since August 15, marking a 55% increase from its lowest level this month. This rebound occurred alongside a strong comeback in several Pump.fun coins like Michi (MICHI), Smoking Chicken Fish (SCF), and Fwog (FWOG), which have rallied by 23%, 57%, and 80% in the last seven days.
Reaction to Legal Problems
The primary catalyst for DADDY's surge was the publicity surrounding Andrew Tate's recent legal challenges in Romania. On Thursday, a Romanian court placed Tate under house arrest following fresh allegations of sexual and human trafficking, restricting him to his home for 30 days. In an X post, Andrew Tate defended himself, claiming that all accusations were false and hinting at potential corruption in Romania. "EVERY ACCUSATION AGAINST ME IS A LIE. EVERY SINGLE ONE IS FABRICATED. ENOUGH OF THE CORRUPTION." (author: Andrew Tate) Most social media users have expressed support for Tate and his brother, Tristan Tate, who also faces similar accusations. Valentina Gomez noted that Romanian investigators had carried out investigations for three years and "found nothing."
Future Prospects for DADDY Token
The DADDY token also rose after the prediction market estimated that Tate would not be found guilty of human trafficking this year. That probability rose to 37% on August 21, and then retreated to 10% on Polymarket. However, the DADDY token was trading at $0.075, a few points above the 50-period Exponential Moving Average. That price was an important resistance level it failed to move above since August 14. Volume has remained in a downward trend after peaking on August 15. Therefore, the most likely scenario is a pullback in the next few days as Tate's arrest news fades. If this happens, it will drop to $0.0655, its lowest swing on August 11 and 16.
The DADDY Tate token showed significant growth amid the interest and publicity surrounding Andrew Tate's legal troubles. However, a pullback to previous levels is possible as news fades.
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