- Solana network’s newly popular meme coin faces another insider trading accusation.
- Data revealed by on-chain analysis platform Lookonchain implicates the Daddy Tate (DADDY) memecoin, promoted by Andrew Tate, in another insider trading incident.
- Reportedly, three crypto wallets purchased 29.8 million DADDY for a mere $1,950 worth of 13.2 SOL just before the coin’s official account made its first post.
Discover the latest insider trading controversy surrounding the Daddy Tate memecoin on the Solana network.
Explosive Accusations: Uncovering the Latest Scandal
The world of cryptocurrency is no stranger to controversies, and the latest to join the fray is the Daddy Tate (DADDY) memecoin on the Solana network. Promoted by the infamous Andrew Tate, the coin is now embroiled in yet another insider trading scandal, as revealed by on-chain analysis platform Lookonchain.
Buying Before the Tweets: The Inside Story
According to data from Lookonchain, three different crypto wallets purchased a staggering 29.8 million DADDY tokens for just $1,950 worth of 13.2 SOL. This purchase was made suspiciously just before the Daddy Tate X account made its first tweet, raising eyebrows and questions about the legitimacy of these transactions. Subsequently, a small portion of these tokens was sold, while the majority were transferred multiple times through various addresses before eventually consolidating in a wallet named “DpL2Tm.”
The Remarkable ROI: Insider Trading Profits Unveiled
Following the tweets by Andrew Tate and the ensuing market frenzy, these wallets quickly moved to capitalize on their holdings. The data shows that they sold a total of 15.14 million DADDY tokens for approximately $1.74 million. Remarkably, these wallets still hold about 14.7 million DADDY tokens, worth an estimated $2.8 million. This means that through insider trading, these wallets managed to amplify their initial investment by an incredible 2,875 times, resulting in a total profit of $5.6 million.
Community Outrage and Consequences
The reaction from the cryptocurrency community has been swift and critical. Bubblemaps, a crypto analysis firm, was among the first to openly accuse Daddy Tate memecoin of engaging in insider trading. Their claims were met with significant attention, prompting Andrew Tate to take the controversial step of blocking Bubblemaps’ X account, adding fuel to the fire.
Conclusively, the allegations surrounding Daddy Tate (DADDY) are likely to bring increased scrutiny to the practices of meme coins and their endorsements. As the market continues to evolve, transparency and ethics will be crucial in maintaining investor trust and preventing malpractices that undermine the integrity of the entire cryptocurrency ecosystem.
Conclusion
This recent insider trading controversy involving Daddy Tate (DADDY) on the Solana network serves as a potent reminder of the risks and ethical dilemmas that accompany the cryptocurrency market. With significant accusations and substantial profit figures involved, this incident underscores the need for stringent regulatory measures and greater accountability among token promoters. As investors and analysts await further developments, the crypto community must focus on fostering a transparent and fair trading environment to sustain growth and credibility.
