Are you ready for this? The memecoin craze just got a whole lot more dramatic with the arrival of Daddy Tate (DADDY). Promoted by controversial figure and former kickboxer Andrew Tate, this Solana-based token has quickly grabbed the attention of investors.
But is it all sunshine and rainbows, or is there a storm brewing behind the scenes? Read on to find out what’s really going on with DADDY and if it’s worth a spot in your crypto portfolio.
Despite the hype around Daddy Tate, recent insider trading activities have revealed significant gains for early investors. Blockchain analysis firm Lookonchain reported substantial insider trading with Daddy Tate (DADDY) tokens. An insider sold 15.14 million $DADDY tokens for 11,752 $SOL, equivalent to $1.74 million. Initially, acquiring these tokens cost less than $2,000, leading to a massive profit.
The insider started by purchasing 29.8 million DADDY tokens for 13.2 SOL (around $1,950) across three different wallets. Before DaddyTateCTO officially promoted the token, the insider sold a small portion of their holdings and transferred most of the remaining tokens through multiple addresses. Eventually, these tokens ended up in the “DpL2Tm” wallet.
Just 18 hours ago, the insider moved 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 this, the insider still holds 14.7 million $DADDY tokens, currently valued at $2.8 million. This series of transactions has resulted in a total profit of $5.6 million, translating to an impressive 2,875x return on the initial investment.
In another stunning revelation, on-chain analytics platform Bubblemaps reported that insiders now control a significant portion of the memecoin’s circulating supply, valued at over $45 million out of a total of 1,000,000 tokens.
At launch, the deployer address of the memecoin sent 40% of the supply to Andrew Tate. Tate positions DADDY as a cultural revolution with ambitions to reach a $1 billion market cap. He has pledged to publicly burn all his tokens once DADDY’s market cap reaches a point where his 40% stake is worth $100 million.
Daddy Tate (DADDY), a Solana-based memecoin, has now reached a market capitalization of $300 million and is currently trading at $0.22, marking a 200% increase in just one day. As the memecoin frenzy continues, the future of DADDY remains a topic 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.
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