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Daddy Tate (DADDY), Andrew Tate’s cryptocurrency meme coin, added around $1 million to its market cap in a matter of hours after criminal charges over abuse claims in the U.K. were dropped on Monday, September 29.
However, while the initial ruling generated a lot of hype around the crypto, the spike in trader activity was short-lived, as DADDY lost virtually all of the gains it made by press time.
Namely, its total market capitalization climbed to over $17 million in the early hours on September 30, only to drop back to around $15.87million by midday, putting the asset back where it started the day prior.
The daily trading volume, though, still remains elevated, having risen 8.7% and sitting at over $811,000 at the time of writing. The DADDY coin itself is down 0.48%, trading at $0.02644.
DADDY market cap. Source: CoinMarketCapAndrew Tate charges dropped
The Crown Prosecution Service (CPS) confirmed that it would take no further action after reviewing evidence from Hertfordshire police, stating that the legal threshold for charges was not met.
“Romania? No case. UK? No case. USA? No case. 4 months in jail, 3 years locked in my house. Endless media slander. 25 million dollars stolen from me. Lawfare? — I’m one of the most mistreated men in history beside president Trump himself,” wrote Tate on X on September 29.
Following the spike in market cap, DADDY, which had sunk to its record lows this summer, briefly went up 10%, prompting Tate to try and contact Changpeng Zhao, the Binance CEO, on social media.
However, even though the Binance Poland account on X responded to Tate’s initial tweet, it appears that has come out of the exchange.
Featured image via Shutterstock
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