MOTHER Iggy and DADDY Tate’s cryptocurrency tokens experienced significant selling pressure on Friday, with DADDY dropping by over 20% and reaching an all-time low of $0.074. Its market cap also plummeted to $84 million from its peak of $362 million. Similarly, MOTHER, associated with Rapper Iggy Azelia, dipped to $0.0666 from its all-time high of $0.2340, with a market cap decrease from $246 million to $66 million.
Despite being available on Wintermute, a top algorithmic trading platform, and listed on Coins.ph, a major crypto exchange in the Philippines, both tokens struggled as fear gripped the crypto market. The crypto fear and greed index fell to a neutral level of 52, approaching the fear zone from a year-to-date high of 91. Cryptocurrencies often perform poorly when investors are anxious.
The widespread market decline saw Bitcoin plummet to $63,000, its lowest since May 15th, following a double-top pattern at $72,000. Bitcoin’s movements typically influence the overall crypto market, leading to drops in other major coins like Chainlink, Solana, and Cardano, as well as meme coins such as Pepe, Beercoin, and Bonk.
The key question now is whether DADDY and MOTHER tokens will recover or continue their downward trajectory. Despite the prevailing weak sentiment, there is optimism for a possible rebound in the short term as traders seize the opportunity to buy at lower prices. A sustained recovery could occur if Bitcoin rallies back above $70,000.
Crypto enthusiasts like billionaire Michael Novogratz anticipate Bitcoin potentially surging to $100,000 by surpassing its all-time high of $73,600. Recent bullish predictions by Cathie Wood and Robert Kiyosaki further fuel hopes for a market resurgence. Overall, while the current market conditions are challenging, there is cautious optimism for a turnaround in the near future.