- The meme coin frenzy has intensified with the arrival of Daddy Tate (DADDY).
- A Solana-based token endorsed by controversial figure and former kickboxer Andrew Tate, DADDY has quickly captured the attention of investors.
- Despite the hype, questions loom about potential underhanded dealings, with Lookonchain providing some crucial insights into the matter.
Discover the controversy behind the meme coin Daddy Tate (DADDY) and its connection to insider trading rumors, revealing investor gains and strategic maneuvers.
Unraveling the Hype Around Daddy Tate (DADDY): Is Insider Trading at Play?
Recently, Andrew Tate, a controversial figure, has brought Daddy Tate (DADDY) to the forefront. Despite the buzz surrounding DADDY, recent insider trading allegations have surfaced, highlighting significant gains for early investors. Blockchain analysis firm Lookonchain reported substantial insider trading involving DADDY tokens. An insider successfully sold 15.14 million DADDY tokens for 11,752 SOL, worth approximately $1.74 million. Initially, acquiring these tokens cost less than $2,000, resulting in a massive profit.
We noticed that an insider sold 15.14M $DADDY for 11,752 $SOL ($1.74M), and his cost was less than $2K, a huge gain!
1/ Let’s check it out.👇 pic.twitter.com/LyUWpWljjt
— Lookonchain (@lookonchain) June 14, 2024
Strategic Moves by the Insider Trade
The trader initially acquired 29.8 million DADDY in exchange for 13.2 SOL (around $1,950) across three different wallets. Before the official announcement of the DaddyTateCTO token, the trader sold a small portion, subsequently dispersing the majority of the tokens through various addresses. Eventually, these tokens culminated in the wallet labeled “DpL2Tm.” Merely 18 hours ago, the trader began transferring large amounts of DADDY to new wallets, proceeding to sell them. In total, the trader sold 15.14 million DADDY for 11,752 SOL, equivalent to $1.74 million. Despite the sales, the insider still retains 14.7 million DADDY tokens, now valued at $2.8 million. This entire operation netted the trader a profit of $5.6 million, marking an impressive return ratio of 2,875 times the initial investment.
Insider’s Influence on the Token Supply
In another significant revelation, on-chain analytics platform Bubblemaps reported that these traders now control a significant portion of the meme coin’s circulating supply. With a total of 45 million tokens valued at over $1 million, the trader holds a substantial influence over DADDY’s market.
2/ On June 9th at 21:24 UTC, @DaddyTateCTO sent 40% of the $DADDY supply to @Cobratate.
Andrew Tate later bought and burnt $10k worth of tokens
This is verifiable on-chain:https://t.co/05HfS1Idyg
— Bubblemaps (@bubblemaps) June 12, 2024
During the launch, the distribution address sent 40% of the DADDY supply to Andrew Tate. Tate aims to position DADDY as part of a cultural revolution with a market cap target of $1 billion. He has pledged to publicly burn all his tokens once the market cap reaches a value where his 40% stake equates to $100 million.
What’s Next for the Meme Coin?
The Solana-based meme coin DADDY recently achieved a peak market cap of $300 million. Trading at $0.2723 at the time of writing, this represents a 15% increase within a single day. As the meme coin craze continues, the future of DADDY remains a hot topic of speculation and interest among crypto enthusiasts.
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