$DADDY coin: Setting off a new wave of celebrity backed cryptocurrencies

Despite its initial price dip, Andrew Tate's new cryptocurrency, DADDY, recently experienced a 35% surge following an announcement by the former kickboxer and influencer. But there are also many controversies surrounding this coin as well. So, is this coin really trustworthy, and what are some things you should know about this coin?

Andrew Tate garnering support for his grand plan

Just last week, the DADDY coin saw its price spike by 35% in a matter of just 24 hours after a cryptic tweet by Andrew Tate. The coin is currently trading at $0.1234, with its market capitalization just shy of the $100 million mark. On the 3rd of July, Andrew Tate sent out a video on twitter, saying "To all DADDY holders, you have 72 hours. Get inside the the real world urgently. ... accumulate as much DADDY as you can. Because in 72 hours, my grand plan to fix the crypto world would be revealed....."

Tate has also previously expressed his support for DADDY in its competition with another memecoin, MOTHER, and promised to burn his stash for DADDY coins. But given the success of the DADDY coin, how does its rival the MOTHER coin fare? The answer is not good. The MOTHER coin, announced by Australian model and rapper Iggy Azalea, has been underperforming recently, with its price dropping more than 14% on a daily scale and almost 50% in the last weeks.

DADDY coin, no stranger to Controversies

But this coin stayed true to its name. Just like Andrew Tate, this meme coin was full of controversy. The controversy around the coin started when crypto analytics firm Bubblemaps revealed that insiders purchased 30% of the supply at launch. The firm also accused Tate of pocketing 40% of all the DADDY tokens, which is currently worth approximately $35 million.

Who are some other celebrities who have launched their own coins

But it's not just Andew Tate and Iggy Azalea who had their own coins. The list of celebrities who jumped on this bandwagon is endless with celebrities like Jake Paul, Floyd Mayweather, Former President Donald Trump, Caitlyn Jenner all launching their own cryptocurrencies.

While these coins underscore the evolving landscape of digital finance, the coin fundamentally lacks intrinsic value or clear utility beyond speculative trading poses significant risks to investors. The proliferation of these meme coins also opens the risk of market manipulation and fraud in this largely unregulated sector.

The future of celebrities backed cryptocurrencies and should you buy them?

So should you buy the DADDY coin right now? I personally feel that now could still be a good time to buy the DADDY coin, given that now the price is at its lowest. Furthermore, it seems to me that Andrew Tate is still pushing this coin on twitter, so there still might be some hype around this coin, making it a potentially good coin to buy. However, exercise caution! Just like any meme coin, DADDY's price is highly volatile and could plummet rapidly in a matter of just hours. So you would recommend you to do your research first before diving in into these celebrity coins.