These Trending Meme Coins Plunge As Altcoin Bleeding Continues

TL;DR

Coins themselves suffered substantial losses in the past 24 hours, echoing a decline in the entire cryptocurrency market. MOTHER and DADDY, endorsed by Iggy Azalea and Andrew Tate respectively, were among the poorest performers.

Flashing red

The cryptocurrency market pulled back substantially in the past 24 hours, with Bitcoin (BTC) falling well below $65,000 (Bitstamp data) and Ethereum (ETH) missing the $3,500 resistance level. The situation in the coin sector itself is no better. Dogecoin (DOGE) is down 8% daily, while Shiba Inu (SHIB), dogwifhat (WIF), Pepe (PEPE), Floki Inu (FLOKI) and many more have posted even steeper losses.

Two controversial meme coins are among the poorest: MOTHER and DADDY. The former, announced by Australian model and rapper Iggy Azalea, has fallen more than 40%, while its market capitalization fell below $80 million.

DADDY, a token owned by online influencer Andrew Tate, is currently trading around $0.14, down 22% on the day. This represents a 60% drop compared to the high of $0.35 seen earlier this month.

The latest bloodbath in the meme coin sector serves as another warning that investors can experience crucial losses when entering the ecosystem. Traders are advised to jump on the bandwagon after doing proper research and invest only the amount they are ready to part with. For more vital tips, watch our dedicated video below:

MOTHER v DAD: The battle

MOTHER saw the light of day at the end of last month, registering impressive gains in its early days. It reached an ATH of $0.23 on June 7, while its market cap rose to $150 million. However, the meme coin launched by Iggy Azalea caused some people to raise their eyebrows. Ethereum co-founder Vitalik Buterin was among those who criticized it, saying:

“I’m feeling pretty unhappy about the ‘celeb experimentation this cycle’ so far. (…) Ashton and Mila’s stoner cats were far more honorable than anything we’ve seen since this era of coins of celebrity memes in 2024; at least there was an actual show funded.”

Shortly after, Andrew Tate, known for his controversial views, showed his support for DADDY (a meme coin built on top of the Solana ecosystem) so that it can turn MOTHER “for the patriarchy”.

Crypto analytics firm Bubblemaps revealed that it received 40% of all DADDY tokens, which are currently worth around $33 million. Interestingly, Tate vowed to burn his stash, saying he doesn’t want money but chaos. Bubblemaps further claimed that users bought 30% of the token supply at launch.

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