Insider Trading Revealed Memecoin Founder Tate DADDY Makes 56M Profit
Key Points
An insider profits $5.6 million from selling 15.14 million $DADDY tokens, showcasing massive gains.
Insiders hold $45 million worth of $DADDY, out of a total of 1,000,000 tokens.
Andrew Tate plans to burn DADDY tokens until the market cap reaches $1 billion.
Prepare yourself for the latest twist in the memecoin craze with Daddy Tate (DADDY). Backed by controversial personality and former kickboxer Andrew Tate, this Solana-based token has quickly captured the interest of investors.
But is everything as rosy as it seems, or is there trouble brewing behind the scenes? Keep reading to uncover the truth about DADDY and whether it deserves a place in your crypto portfolio.
Revealing Insider Trading
Despite the buzz surrounding Daddy Tate, recent insider trading activities have unveiled significant profits for early backers. According to blockchain analysis firm Lookonchain, there has been substantial insider trading involving Daddy Tate (DADDY) tokens. 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 Strategic Moves
The insider began by purchasing 29.8 million DADDY tokens for 13.2 SOL (approximately $1,950) across three different wallets. Prior to DaddyTateCTO’s official promotion of the token, the insider sold a small portion of their holdings and transferred most of the remaining tokens through multiple addresses. Ultimately, these tokens ended up in the “DpL2Tm” wallet.
Just 18 hours ago, the insider moved 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 this, the insider still retains 14.7 million $DADDY tokens, currently valued at $2.8 million. These transactions have resulted in a total profit of $5.6 million, representing an impressive 2,875x return on the initial investment.
The Influence of Insider Control
In a surprising revelation, on-chain analytics platform Bubblemaps reported that insiders now control a substantial portion of the memecoin’s circulating supply, valued at over $45 million out of a total of 1,000,000 tokens.
During the launch, the deployer address of the memecoin sent 40% of the supply to Andrew Tate. Tate envisions DADDY as a cultural movement with aspirations to reach a $1 billion market cap. He has committed to burning all his tokens publicly once DADDY’s market cap reaches a level where his 40% stake is worth $100 million.
What’s Next?
Daddy Tate (DADDY), a memecoin based on Solana, has now achieved a market capitalization of $300 million and is currently trading at $0.22, reflecting a 200% increase in just one day. As the memecoin frenzy persists, the future of DADDY remains a subject of intense speculation and interest among crypto enthusiasts.
Also Read: Sell Trade Triggered for This Memecoin: Can ShibArmy Lift the Shiba Inu Price Above Bearish Heat?
Daddy Tate’s memecoin: A get-rich-quick scheme or a sign of a broken system? You decide.