The volatile cryptocurrency market has once again demonstrated its potential for spectacular gains.
A recent investment turnaround involving the meme coin Daddy Tate (DADDY) highlights this potential, with a reportedly “insider” transforming a $2,000 investment into $1.74 million in a remarkably short period.
The individual in question capitalized on the unique market dynamics surrounding Daddy Tate, a meme coin intrinsically linked to Andrew Tate, the popular British-American social media personality and former professional kickboxer.
Although Tate did not directly create or manage the coin, his promotion significantly influenced its market performance.
Blockchain analytics firm Lookonchain identified the individual behind these transactions as an “insider,” indicating their early and advantageous position in the trading of DADDY tokens.
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
This insider started by purchasing 29.8 million DADDY tokens across three wallets for a total of 13.2 Solana (SOL), roughly $1,950. As anticipation built, fueled by promotions from the account DaddyTateCTO, the supposed insider executed a series of strategic moves.
These included selling initial portions of their holdings and transferring the majority of the tokens through various addresses, finally consolidating them in the wallet tagged as “DpL2Tm.”
Profitable maneuvers
Within 18 hours of these maneuvers, the insider sold 15.14 million DADDY tokens for 11,752 SOL, converting their holdings into approximately $1.74 million.
Despite this significant turnover, the trader still holds 13.96 million DADDY tokens, now valued at an estimated $2.8 million, culminating in a total profit of around $5.6 million—a remarkable 2,875-fold increase on their initial investment.
Another report by on-chain analytics platform Bubblemaps on June 12 reveals that insiders now control a significant portion of DADDY’s circulating supply, valued at over $45 million out of a total of 1 billion tokens.
Daddy Tate price analysis
Daddy Tate, a Solana-based memecoin, has now reached a market capitalization of $262.94 million and is currently trading at $0.266.
The coin has seen a 12.27% increase in the last 24 hours. As the memecoin frenzy continues, the future of DADDY remains a topic of intense speculation and interest among crypto enthusiasts.
This trade shows the potential for extraordinary returns within the crypto space, especially when leveraging market dynamics and timely information.
As always, such volatility also serves as a reminder of the high risks involved in cryptocurrency trading. The remarkable rise of Daddy Tate highlights both the opportunities and dangers present in the crypto market, where fortunes can be made or lost in the blink of an eye.