In a move that surprised many, popular social media personality Andrew Tate announced on July 10th, 2024, that his “Daddy” memecoin can now be used to book hotels, flights, and car rentals on the travel booking platform Travala. This news comes shortly after a Romanian court lifted travel restrictions on Tate, allowing him to travel freely within the European Union.
Travel Bookings with a Side of Controversy
Travala, known for its commission-free cryptocurrency bookings, now accepts Daddy alongside established cryptocurrencies like Bitcoin and Ethereum. This integration allows users to spend their Daddy tokens on over 2.2 million hotels worldwide. The announcement coincided with a short video posted by Tate, hinting at a potential “world tour” following his release from house arrest.
However, the news wasn’t all positive for Daddy. Despite the supposed utility boost, the token’s price dropped by over 8% following the announcement, reaching $0.1453 according to CoinGecko data. This comes on the heels of a larger downward trend, with Daddy currently down over 48% from its all-time high of $0.2849 set in late June. The token’s market capitalization also took a hit, falling to $91.9 million.
Celebrity Tokens: A New Trend with Uncertain Future
Tate’s Daddy token represents a growing trend within the cryptocurrency space: celebrity-backed memecoins. Unlike traditional celebrity endorsements, figures like Tate are actively involved in creating and promoting their own tokens. This trend gained momentum in May 2024 with celebrities like musician Davido, media personality Caitlyn Jenner, and rapper Iggy Azalea launching their own memecoins on the Solana blockchain.
A Controversial Figure in the Spotlight
Andrew Tate, a former kickboxing champion, has become a highly controversial figure in recent years. He and his brother Tristan were arrested in Romania in December 2022 on charges of human trafficking, rape, and sexual exploitation. Both brothers have denied the allegations. While a Romanian court indicted them in June 2023, they were released from house arrest on July 5th, 2024, with travel restrictions limited to within the European Union.
Looking Ahead: Uncharted Territory for Daddy
The future of Daddy remains uncertain. While its integration with Travala offers a potential use case, the token’s price volatility and association with a controversial figure raise concerns. Only time will tell if Daddy can establish itself as a legitimate player in the cryptocurrency landscape or fade away like many other memecoins before it.
