According to CryptoPotato, meme coins have suffered significant losses in the last 24 hours, reflecting 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 significant pullback in the last 24 hours, with Bitcoin (BTC) falling well below $65,000 and Ethereum (ETH) losing the $3,500 resistance. 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 saw even more significant losses.
Two controversial meme coins, MOTHER and DADDY, bring up the rear. MOTHER, which was announced by Australian model and rapper Iggy Azalea, has fallen by over 40%, with its market capitalization dropping below $80 million. DADDY, a token promoted by online influencer Andrew Tate, is currently trading at around $0.14, a daily drop of 22%. This represents a 60% drop from its high of $0.35 earlier this month.
MOTHER launched late last month and saw impressive gains in its first few days, peaking at $0.23 on June 7, with its market capitalization rising to $150 million. However, the meme coin launched by Iggy Azalea has attracted criticism, including from Ethereum co-founder Vitalik Buterin.
Shortly after, Andrew Tate, known for his controversial opinions, showed his support for DADDY, a meme coin based on the Solana ecosystem, in the hope that it would outperform MOTHER. Crypto analytics firm Bubblemaps revealed that he received 40% of all DADDY tokens, which are currently worth around $33 million. Interestingly, Tate promised to burn his stash, stating that he didn’t want money, he wanted chaos. Bubblemaps also claimed that insiders bought 30% of the token supply at launch.
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