Tate and Iggy affectionately known as Daddy and Mother take a plunge as the fear and greed index experiences a decline
The crypto tokens associated with Iggy and Tate, known as MOTHER and DADDY respectively, faced significant selling pressure on Friday.
DADDY, which is linked to Andrew Tate, experienced a crash of more than 20% and reached an all-time low of $0.074. Its market capitalization also dropped from its peak of over $362 million to just over $84 million. Similarly, MOTHER, promoted by rapper Iggy Azelia, plummeted from its all-time high of $0.2340 to $0.0666. Its market cap saw a decrease from over $246 million to about $66 million.
Despite being available on Wintermute, a prominent algorithmic trading platform, and being listed on Coins.ph, a leading crypto exchange in the Philippines, both DADDY and MOTHER experienced a decline. This occurred as fear spread throughout the crypto market, causing the crypto fear and greed index to retreat to a neutral level of 52, inching closer to the fear level. It significantly dropped from its year-to-date high of over 91. Typically, cryptocurrencies underperform when investors are fearful.
The crash impacted the entire crypto industry, with Bitcoin falling to $63,000, its lowest point since May 15th. This decline came after Bitcoin formed a double-top pattern at $72,000, crucially setting the tone for the rest of the market. Other major coins like Chainlink, Solana, and Cardano also experienced a decline. Additionally, popular meme coins such as Pepe, Beercoin, and Bonk fell by double digits.
Given the current weak sentiment, the question arises as to whether DADDY and MOTHER tokens will rebound or continue their downward trend. While the sentiment remains negative, there is a possibility of a near-term rebound as traders take advantage of the dip. A sustained recovery is more likely if Bitcoin stages a comeback and surpasses the $70,000 mark.
Notable crypto bulls like billionaire Michael Novogratz believe that Bitcoin has the potential to rebound to $100,000 if it surpasses the all-time high of $73,6000. Recent bullish predictions have also been made by Cathie Wood and Rich Dad’s Robert Kiyosaki.
