As a seasoned crypto investor with a few battle scars from past market downturns, I can’t help but feel a pang of disappointment as I watch the latest bloodbath in the meme coin sector. Meme coins have always been a rollercoaster ride, but the losses we’ve seen in the past 24 hours are particularly disheartening. Bitcoin and Ethereum’s declines are bad enough, but the carnage in the meme coin space is even more alarming.
TL;DR
- Meme coins faced substantial losses in the past 24 hours resonating with a decline of the entire cryptocurrency market.
- MOTHER and DADDY, endorsed by Iggy Azalea and Andrew Tate respectively, were among the poorest performers.
Flashing Red
In the last 24 hours, the cryptocurrency market experienced significant reversals. Bitcoin (BTC) dipped significantly below $65,000 according to Bitstamp’s data, while Ethereum (ETH) failed to maintain its resistance at $3,500. The meme coin sector is faring no better. Dogecoin (DOGE) declined by 8% daily and Shiba Inu (SHIB), Dogewifhat (WIF), Pepe (PEPE), Floki Inu (FLOKI), and other similar tokens reported even more substantial losses.
Two meme coins with controversial reputations, MOTHER and DADDY, have experienced poor performance: MOTHER, introduced by Australian model and rapper Iggy Azalea, has plummeted more than 40%, causing its market capitalization to dip below $80 million.
Online influencer Andrew Tate’s promoted token, Daddy, is now priced at approximately $0.14, marking a 22% decrease in value on a daily basis. This signifies a notable 60% reduction from its peak value of $0.35, which was reached just earlier this month.
The recent massacre in the meme coin market
MOTHER v DADDY: The Battle
Last month, MOTHER made its entrance into the crypto world with remarkable growth during its initial days. Reaching an all-time high (ATH) of $0.23 on June 7, its market capitalization soared to a significant $150 million. However, the recent launch of a meme coin by Iggy Azalea stirred some skepticism in the community. Critics, including Ethereum’s co-founder Vitalik Buterin, voiced their concerns:
I’m not too pleased with the celebrity experiments during this cycle so far. In contrast, Ashton and Mila’s Stoner Cats project stood out as more reputable. At least, a genuine production was being financed behind it.
As a financial analyst, I’ve noticed an intriguing development in the cryptocurrency world. Not long after, Andrew Tate, who is renowned for his contentious perspectives, publicly expressed his backing for DADDY – a meme coin that operates on the Solana network. His intention, as he put it, was to help DADDY surpass MOTHER “for the sake of the patriarchy.”
According to cryptanalysis firm Bubblemaps, over 40% of the total DADDY tokens, valued approximately $33 million, were received by an individual named Tate. Notably, Tate declared his intention to destroy his hoard, expressing a preference for creating chaos rather than possessing wealth. Additionally, Bubblemaps reported that around 30% of the token’s initial supply was acquired by insiders during its launch.
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2024-06-18 12:06