Mama Iggy and Papa Tate’s cryptocurrency tokens faced significant selling pressure on Friday.
Papa, associated with Andrew Tate, experienced a crash of over 20% and reached an all-time low of $0.074. Its market capitalization plummeted to over $84 million, down from its previous high of over $362 million. Meanwhile, Mama, promoted by rapper Iggy Azalea, dropped to $0.0666 from its all-time high of $0.2340. Similar to Papa, its market capitalization decreased from over $246 million to about $66 million on Friday.
Despite being available on Wintermute, a leading algorithmic trading platform, and being listed on Coins.ph, a prominent crypto exchange in the Philippines, the token crashed. This decline occurred as fear spread throughout the crypto market. The crypto fear and greed index retreated to a neutral level of 52 and is gradually approaching the fear level. It has declined from its year-to-date high of over 91. Typically, cryptocurrencies underperform when investors are fearful.
The crash affected the entire crypto industry, with Bitcoin and altcoins experiencing a significant downturn. Bitcoin fell to $63,000, its lowest point since May 15th, after forming a double-top pattern at $72,000. Bitcoin often sets the tone for the rest of the crypto market.
Other major coins such as Chainlink, Solana, and Cardano also suffered losses. Likewise, popular meme coins like Pepe, Beercoin, and Bonk saw double-digit declines.
Therefore, the question arises: will the DADDY and MOTHER tokens rebound or continue their downward trend? While the sentiment is weak, there is a possibility that they will recover in the near future as traders take advantage of the dip. A sustained rebound is likely if Bitcoin stages a comeback and surpasses $70,000.
Some crypto bulls, including billionaire Michael Novogratz, believe that Bitcoin has the potential to rebound to $100,000 if it surpasses its all-time high of $73,6000. Recent bullish predictions have also been made by Cathie Wood and Robert Kiyosaki, the author of Rich Dad, Poor Dad.