An insider trader made a profit of $5.6 million from the DADDY meme token promoted by former kickboxer Andrew Tate, which he spent $1950 to buy. This was reported by Lookonchain analysts.
3/ 18 hours ago, the insider transferred a large amount of $DADDY to new wallets and started selling.
He sold a total of 15.14M $DADDY for 11,752 $SOL($1.74M), and currently has 14.7M $DADDY left, worth $2.8M!
His total profit is $5.6M, a gain of 2,875x! pic.twitter.com/Jy2S1ejr7Q
The researchers found that even before the publication of the Tate about the launch of the meme coin, the address spent 13.2 SOL on the purchase of 29.8 million DADDY. The trader then distributed the coins to several wallets.
Later, he transferred assets to new addresses again and sold 15.14 million DADDY tokens for 11,752 SOL (~$1.74 million). There are 14.7 million coins worth about $2.8 million left in his wallet.
The coin was launched on June 10 on the Solana network. According to DEX Screener, at the time of writing, its capitalization is $173 million.
The hourly chart of the DADDY/SOL Raydium exchange. Data: DEX Screener.The former athlete deployed DADDY as a competitor to the MOTHER coin from singer Iggy Azalea.
I heard about a coin called mother so now I’m supporting a coin called $DADDY to flip it for the patriarchy.
We’re bringing the Gs back make me a fucking sandwich females.
Then I’m setting all my Daddy on fire because I don’t want money I just want chaos.
Top G.
"I've heard about a token called MOTHER, so now I'm supporting a token called DADDY to shift forces in favor of the patriarchy. [...] Then I'll burn all my coins, because I don't need money, I just want chaos," Tate wrote in one of the posts.
The DADDY community completed the goal in three days, ahead of MOTHER in terms of capitalization. The indicator of the first peaked at $290 million, while the Iggy Azalea token approached only $ 270 million.
$DADDY is now a 23,770x in 3 days
$12.2k -> $290M MC (ath)@Cobratate has surpassed $MOTHER (14 days old) in three days
a $100 buy would be worth $2.37M at the top
one of the best crypto plays of all time 💎 https://t.co/MJQ1dM0wOS pic.twitter.com/quE3wCm2B2
Tate also fulfilled a promise to destroy his coins. On June 13, he withdrew $110 million worth of DADDY from circulation — about 40% of the entire issue of the asset.
Andrew Tate Has Officially Burned $110,597,600 Worth Of $DADDY,
40% of the total supply.
This is what it actually means to be BUILT DIFFERENT.$DADDY to 1 Billion. pic.twitter.com/funZRpA9Sn
However, Bubblemaps analysts warned about the risks associated with the meme token. According to their data, insiders bought about 30% of DADDY's volumes.
1/ We found huge insider activity on $DADDY 🚨
Insiders bought 30% of the supply at launch, before Andrew Tate (@Cobratate) started to promote it on X, and are currently sitting on $45M+
A thread 🧵 ↓ pic.twitter.com/UyB4SpAs9Z
"The sale of one wallet can lead to a collapse in liquidity," the team believes.
Bubblemaps experts expressed similar concerns about MOTHER. Approximately 20% of the coin supply is held by knowledgeable traders.
Andrew Tate is a disgraced influencer, millionaire and ex-MMA fighter, also known for harsh misogynistic statements. All his YouTube, TikTok and Instagram channels are blocked.
In June 2023, Tate, along with his brother Tristan and two Romanian women, were accused of human trafficking, rape and organizing a criminal gang to exploit women. As part of the criminal investigation, investigators seized personal belongings, cars, designer watches, as well as real estate, cash and cryptocurrencies from the influencer.
In January 2024, the Bucharest Court of Appeal accepted Tate's demand for a reassessment of funds confiscated by the state.
Recall that in early June, the Beercoin meme token peaked at $0.0005646. This was preceded by significant purchases of the asset by one trader.
Earlier, ForkLog reported that the investor earned $1.7 million in four days on the PEW token.
https://forklog.com/news/vitalik-buterin-raskritikoval-eksperimenty-znamenitostej-s-mem-koinami