Meme Coins Experience Significant Losses Amid Cryptocurrency Market Decline

According to CryptoPotato, meme coins have suffered significant losses in the past 24 hours, mirroring a decline in the overall cryptocurrency market. MOTHER and DADDY, promoted by Iggy Azalea and Andrew Tate respectively, were among the worst performers. The cryptocurrency market has seen a substantial retracement in the past 24 hours, with Bitcoin (BTC) falling well below $65,000 and Ethereum (ETH) losing the resistance level of $3,500. The meme coin sector is also experiencing a downturn. Dogecoin (DOGE) is down 8% daily, while Shiba Inu (SHIB), dogwifhat (WIF), Pepe (PEPE), Floki Inu (FLOKI), and others have recorded even more significant losses. Two controversial meme coins, MOTHER and DADDY, are among the worst performers. MOTHER, announced by Australian model and rapper Iggy Azalea, has plummeted by over 40%, with its market capitalization falling below $80 million. DADDY, a token promoted by online influencer Andrew Tate, is currently trading at around $0.14, a 22% daily decline. This represents a 60% drop compared to its peak of $0.35 earlier this month. The recent downturn in the meme coin sector serves as a warning to investors about the potential for significant losses. Traders are advised to conduct thorough research before investing and only invest what they are prepared to lose. MOTHER was launched at the end of last month and saw impressive gains in its early days, reaching a high of $0.23 on June 7, with its market capitalization surging to $150 million. However, the meme coin launched by Iggy Azalea has drawn criticism, including from Ethereum’s co-founder Vitalik Buterin. Shortly after, Andrew Tate, known for his controversial opinions, showed support for DADDY, a meme coin built on the Solana ecosystem, in hopes it would surpass MOTHER. 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, stating he doesn’t want money but chaos. Bubblemaps also claimed that insiders purchased 30% of the token’s supply at launch.