Andrew Tate-themed cryptocurrency DADDY Tate (DADDY) was among the top gainers on Aug. 23 as traders kept a close eye on Tate’s ongoing legal troubles in Romania.
DAD Tate (DAD) rose more than 26%, hitting a high of $0.0795, its highest point since August 15, and marking a 55% increase from its lowest level this month.
This rally came alongside a strong recovery of several Pump.fun coins such as Michi (MICHI), Smoked Chicken Fish (FSC) and Fwog (FWOG), which have risen by 23%, 57% and 80% in the last seven days.
The main catalyst for the rise in DADDY cases was the recent legal challenges Andrew Tate filed in Romania. On Thursday, a Romanian court placed Tate under house arrest following new allegations of sex and human trafficking. As a result, Tate is now confined to his home for 30 days.
In a post on X, Andrew Tate defended himself, claiming that all the accusations were false and hinting at possible corruption in Romania.
Most social media users have expressed their support for Tate and her brother, Tristan Tate, who is also facing similar allegations. In one post, Valentina Gomez pointed out that Romanian investigators had been conducting investigations for three years and “found nothing”
The DADDY token therefore rose due to the hype surrounding his arrest. Google Trends data shows that searches for the name Andrew Tate increased to the highest point since March of this year. Most of this traffic came from Albania, the UK, Ireland, and Romania.
The token also rose after the prediction market estimated that Tate would not be found guilty of human trafficking this year. That probability rose to 37% on August 21 and then fell back to 10% on Multimarket.
DADDY token gains could be short-lived
DADDY price was trading at $0.075 on Friday, a few points above the 50-period exponential moving average.
That price was a major resistance level that it failed to break through since August 14. Its volume has remained in a downward trend after peaking on August 15.
Therefore, the most likely scenario is that it will pull back in the coming days as news of Tate’s arrest fades. If this happens, it will fall to $0.0655, its lowest level from August 11 and August 16.
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