DADDY Tate DADDY Makes 56M Profit in Insider Trading Frenzy The Memecoin Craze
Key Points
– Insider makes $5.6 million by selling 15.14 million $DADDY tokens, resulting in significant profits.
– Insiders own $45 million worth of $DADDY out of a total of 1,000,000 tokens.
– Andrew Tate plans to burn DADDY tokens until reaching a $1 billion market cap.
The recent surge in memecoin popularity has brought the Daddy Tate (DADDY) token into the spotlight. Championed by controversial personality and former kickboxer Andrew Tate, this token based on Solana has quickly captured the attention of investors.
Amidst the growing excitement surrounding this memecoin, recent revelations about insider trading activities have emerged, showcasing substantial gains made by early investors.
Insider Trading Discoveries
Lookonchain, a leading blockchain analysis firm, has uncovered significant insider trading involving Daddy Tate (DADDY) tokens. Their findings reveal that an insider sold 15.14 million $DADDY tokens for 11,752 $SOL, equivalent to $1.74 million. The initial cost of acquiring these tokens was under $2,000, resulting in a substantial profit.
The insider’s journey began with the purchase of 29.8 million DADDY tokens for 13.2 SOL (approximately $1,950) across three different wallets. Before the official promotion by DaddyTateCTO, the insider strategically sold a portion of their holdings and transferred the majority of the remaining tokens through various addresses, eventually leading to the “DpL2Tm” wallet.
Swift Selling Activity: Yielding $5.6 Million Profit
Just 18 hours ago, the insider transferred a significant amount of $DADDY to new wallets and commenced selling. In total, the insider sold 15.14 million $DADDY for 11,752 $SOL ($1.74 million).
Despite the sell-off, the insider still retains 14.7 million $DADDY tokens, currently valued at $2.8 million. This series of transactions has generated a total profit of $5.6 million, resulting in a remarkable 2,875x return on the initial investment.
Tate’s Token Burning Initiative
In a remarkable development, Bubblemaps, an on-chain analytics platform, reports that insiders now control a significant portion of the circulating supply of the meme coin, amounting to over $45 million out of a total of 1,000,000 tokens.
Additionally, the platform highlights that at launch, the deployer address of the memecoin sent 40% of the token supply to Andrew Tate. Tate envisions DADDY as a cultural revolution and aims to achieve a $1 billion market cap.
Tate has pledged to publicly burn all his tokens once DADDY’s market cap reaches a level where his 40% stake is valued at $100 million.
DADDY, a memecoin built on Solana, has now attained a market capitalization of $300 million and is currently trading at $0.22, marking an impressive 200% increase in just one day.
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Tags: Meme Coins