Memecoin Madness: Daddy Tate (DADDY) Sees $5.6M Profit in Insider Trading 

The post Memecoin Madness: Daddy Tate (DADDY) Sees $5.6M Profit in Insider Trading  appeared first on Coinpedia Fintech News

The latest memecoin mania has introduced a new player in the crypto world, with the recent launch of the Daddy Tate (DADDY) token. Promoted by controversial figure and former kickboxer Andrew Tate, this Solana-based token has quickly caught the eyes of investors. 

While the hype around this memecoin has been growing, recent insider trading activities have shed light on significant gains made by early investors.

Insider Trading Activities 

Prominent blockchain analytical firm Lookonchain has revealed significant insider trading activity involving Daddy Tate (DADDY) tokens. According to their analysis, an insider sold 15.14 million $DADDY tokens for 11,752 $SOL, equivalent to $1.74 million. Initially, the cost of acquiring these tokens was less than $2,000, resulting in a massive profit.

The insider’s journey began with purchasing 29.8 million DADDY tokens for 13.2 SOL (around $1,950) across three different wallets.

Before the official promotion by DaddyTateCTO, the insider strategically sold a small portion of their holdings and transferred most of the remaining tokens through multiple addresses. The insider then sold a small portion and transferred the majority of the tokens through multiple addresses, eventually, these tokens ended up in the “DpL2Tm” wallet. 

Rapid Sell-off: Resulted In $5.6M Profit

Just 18 hours ago, the insider transferred a large amount of $DADDY to new wallets and began selling. In total, the insider sold 15.14 million $DADDY for 11,752 $SOL ($1.74 million). 

Despite the sell-off, the insider still holds 14.7 million $DADDY tokens, currently valued at $2.8 million. This entire sequence of transactions has resulted in a total profit of $5.6 million, translating to a 2,875x return on the initial investment.

Tate Buring Daddy Toeken 

In another mindblowing finding, Bubblemaps, an on-chain analytics platform, reports that insiders now control a significant portion of the meme coin’s circulating supply, valued at over $45 million out of a total of 1,000,000 tokens.

The platform also noted that, at launch, the deployer address of the memecoin sent 40% of the token supply to Andrew Tate. Tate positions DADDY as a cultural revolution and desires to reach a $1 billion market cap. 

He has claimed that he would publicly burn all his tokens once DADDY’s market cap reaches a point where his 40% stake is worth $100 million.

DADDY, a Solana-based memecoin, has now reached a market capitalization of $300 million and is currently trading at $0.22, marking a staggering 200% increase in just one day.