Memecoins
Daddy Tate (DADDY) sees a profit of $5.6 million in insider trading
Are you ready for this? The memecoin craze became even more dramatic with the arrival of Daddy Tate (DADDY). Promoted by controversial figure and former kickboxer Andrew Tate, this Solana-based token quickly attracted the attention of investors.
But is it all sunshine and rainbows or is a storm brewing behind the scenes? Read on to find out what’s really going on with DADDY and whether it’s worth having a place in your cryptocurrency portfolio.
Discover insider trading
Despite the hype around Daddy Tate, recent insider trading activities have revealed significant gains for early investors. Blockchain analytics firm Lookonchain has reported substantial insider trading with Daddy Tate (DADDY) tokens. An insider sold 15.14 million $DADDY tokens for $11,752 SOL, equivalent to $1.74 million. Initially, acquiring these tokens cost less than $2,000, leading to a huge profit.
The Insider’s strategic moves
The insider started by purchasing 29.8 million DADDY tokens for 13.2 SOL (approximately $1,950) across three different wallets. Before DaddyTateCTO officially promoted the token, the insider sold a small portion of his holdings and transferred the majority of the remaining tokens through multiple addresses. Ultimately, these tokens ended up in the “DpL2Tm” wallet.
Just 18 hours ago, the insider moved a large amount of $DADDY to new wallets and started selling. In total, the insider sold $15.14 million of $DADDY for $11,752 SOL ($1.74 million). Despite this, the insider still holds 14.7 million $DADDY tokens, currently valued at $2.8 million. This series of transactions resulted in a total profit of $5.6 million, which translates to an impressive 2,875x return on the initial investment.
The power of internal control
In another startling revelation, on-chain analytics platform Bubblemaps reported that insiders now control a significant portion of the circulating supply of memecoins, valued at over $45 million out of a total of 1,000,000 tokens.
At launch, the memecoin distribution address sent 40% of the supply to Andrew Tate. Tate positions DADDY as a cultural revolution with ambitions to reach a market capitalization of $1 billion. He has pledged to publicly burn all of his tokens once DADDY’s market capitalization reaches a point where his 40% stake is worth $100 million.
And then?
Daddy Tate (DADDY), a Solana-based memecoin, has now reached a market capitalization of $300 million and is currently trading at $0.22, marking a 200% increase in a single day. As the memecoin frenzy continues, the future of DADDY remains a topic of intense speculation and interest among cryptocurrency enthusiasts.
Read also: Sell Trades Triggered For This Memecoin: Can ShibArmy Lift Shiba Inu Price Above Bearish Heat?
Dad Tate’s Memecoin: A Get Rich Quick Scheme or a Sign of a Broken System? You decide.