DADDY Tate Token Price Explodes 170% to June Highs Despite Bitcoin and Altcoin Bloodbath

The DADDY Tate token price has diverged from Bitcoin and other altcoins this week as it jumped to its highest level since June 15th

The price of the DADDY Tate token has moved in the opposite direction to Bitcoin and other altcoins this week by rallying to its highest level since June 15th.

DADDY price chart

The token, which is being promoted by Andrew Tate, rose to a high of $0.2290 on Thursday, which is about 170% higher than the lowest point on June 22nd. This rebound pushed its market capitalization to over $113 million, according to DEX Tools.

DADDY rose at a time when a sea of red has spread in the crypto market. Bitcoin fell below $60,000 this week, while other altcoins like Litecoin and Dogecoin crashed.

Other tokens that are being promoted by celebrities also retreated. For example, the price of MOTHER, which is being promoted by Iggy Azelia, dropped to the lowest level since June 1st. Similarly, Jason Derulo’s JASON token crashed to a record low and is now down by over 75% from the highest point last week.

The Daddy Tate token rallied in a high-volume trading environment. According to CoinGecko, the daily volume rose to a high of $31.7 million on Thursday. This was up from about $15 million on Wednesday. Before that, the volume was averaging less than $10 million a day.

Daddy Tate’s token rose as the number of holders increased to over 48,000. At the current rate, the number of holders will cross the 50,000 mark in the coming days.

There was no major news about the token this week. As a result, the rally is mostly explained by the fact that Andrew Tate continued promoting the token on X and other social media platforms.

The token also rallied as traders pushed it hoping that it will achieve a market cap of $300 million. At that level, Tate promised to buy and burn $1 million worth of the token.

$DADDY is outperforming the entire market while every other crypto asset is dumping,

We hope everyone will be ready for when the market conditions become bullish again,

Because once $DADDY reaches a $300M market cap, Tate will also burn $500k worth of the token: pic.twitter.com/P1GWCOSNDp

A token burn is a process where tokens are deposited in an address that no one can access. This is a good way of creating value for the remaining tokens.

DADDY Tate is also jumping because of the Fear of Missing Out (FOMO) in the market. Still, there is a risk that this rebound is a dead cat bounce, where an asset in a freefall experiences a brief rebound and then resumes the downtrend.

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