As an experienced financial analyst, I believe that the recent selling pressure on Daddy and Mother tokens is a reflection of the broader crypto market trend, which has been driven by increasing fear among investors. The sudden crash in Bitcoin’s price to below $63,000, after forming a double-top pattern at $72,000, has added to the panic.
MOTHER Iggy and DADDY Tate’s crypto tokens were under heavy selling pressure on Friday.
Andrey Tate’s cryptocurrency token, referred to as Daddy, experienced a significant decline on Friday, dropping by more than 20% and reaching an all-time low of $0.074. Consequently, its market capitalization plummeted to over $84 million, down from its peak of over $362 million. Similarly, Iggy Azalea’s promoted token, named Mother, saw a drop in value on Friday as well. It dipped from an all-time high of $0.2340 to $0.0666. As a result, its market capitalization shrank from approximately $246 million to around $66 million.
Despite being accessible on Wintermute, a prominent algorithmic trading platform, and being featured on Coins.ph, a well-known cryptocurrency exchange in the Philippines, the token still encountered crashes.
Happy to announce $MOTHER x @wintermute_t Are officially besties 😌🤞🐨👩🍼 — IGGY AZALEA (@IGGYAZALEA) June 19, 2024
As a crypto investor, I’ve noticed a sense of unease creeping in as the market values took a downturn. The Fear & Greed Index has dipped to a neutral level of 52 and is edging closer to the fear threshold. We’ve seen this index peak at over 91 earlier in the year, but currently, it’s on a downward trend. Historically, I’ve observed that my crypto investments tend to underperform when investors are gripped by fear.
Crypto fear and greed index
Bitcoin and altcoins crashed
A wave of crimson swept through the crypto sphere as Bitcoin plunged to hit a low of $63,000 – its first dip below this price since May 15th. This downturn came after Bitcoin formed a double-top formation at $72,000 in the majority of instances, with its price leading the trends in the crypto market.
As a crypto investor, I’ve noticed that coins such as Chainlink, Solana, and Cardano, which have previously held significant value in the market, have also experienced substantial declines. Likewise, meme coins like Pepe, Beercoin, and Bonk have plummeted by double-digit percentages.
As an analyst, I’m pondering over the question of whether the “Daddy” and “Mother” tokens will rebound or persist in their declining trend.
Even though their feelings towards Bitcoin are currently subdued, it’s plausible that a recovery may occur soon as investors take advantage of lower prices. However, for a lasting rebound, Bitcoin must regain strength and surpass the $70,000 threshold.
As a researcher exploring the cryptocurrency market, I’ve come across some optimistic voices among crypto enthusiasts. Billionaire Michael Novogratz is one of them, expressing his belief that Bitcoin could potentially surge past its all-time high of $73,600 and reach new heights around $100,000. Cathie Wood and Robert Kiyosaki are two other notable figures who have recently made bullish predictions regarding Bitcoin’s future price movements.
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2024-06-21 19:12