MOTHER Iggy and DADDY Tate’s crypto tokens had been beneath heavy promoting stress on Friday.
DADDY, which is related to Andrew Tate, crashed by over 20% on Friday and reached an all-time low of $0.074. Its market cap dropped to over $84 million, down from its all-time excessive of over $362 million. MOTHER, which was promoted by Rapper Iggy Azelia, dropped to $0.0666 from an all-time excessive of $0.2340. Like DADDY, its market cap has dropped from over $246 million to about $66 million on Friday.
The token crashed even after it was obtainable in Wintermute, a number one algorithmic buying and selling platform. It was additionally listed by Cash.ph, a number one crypto trade within the Philippines.
DADDY and MOTHER dropped as a way of worry unfold within the crypto market. The crypto worry and greed index retreated to the impartial degree of 52 and is slowly approaching the worry degree. It has dropped from the year-to-date excessive of over 91. Generally, cryptocurrencies underperform when buyers are fearful.
Crypto worry and greed index
Bitcoin and altcoins crashed
The crash occurred as a sea of purple unfold throughout the crypto business. Bitcoin fell to $63,000, its lowest level since Might fifteenth after it shaped a double-top sample at $72,000. In most durations, Bitcoin units the tone within the crypto market.
Different main cash like Chainlink, Solana, and Cardano additionally sunk. Equally, well-liked meme cash like Pepe, Beercoin, and Bonk fell by double digits.
Due to this fact, the query is whether or not DADDY and MOTHER tokens will bounce again or proceed the downward pattern.
Whereas the sentiment is weak, there’s a chance that they’ll rebound within the close to time period as merchants purchase the dip. A sustained rebound will possible occur if Bitcoin levels a comeback and strikes above $70,000.
Some crypto bulls like billionaire Michael Novogratz imagine that Bitcoin has a room to rebound to $100,000 if it strikes above the all-time excessive of $73,6000. Cathie Wooden and Wealthy Dad’s Robert Kiyosaki have made bullish predictions just lately.