An unknown trader earned $266,600 on the DADDY meme coin, increasing the deposit 385 times in three days. This was noticed by Lookonchain analysts.
Starting with only 4.86 $SOL($780), this trader made 1,731.6 $SOL ($266.6K), a gain of 385x!
Legend!😱
5 days ago, this trader created a new wallet and received 4.86 $SOL($780) from #FixedFloat as trading funds.
The first token he bought was $DADDY, spending 4.5 $SOL($728) to… pic.twitter.com/ea29stYZX6
The user purchased 3.71 million DADDIES for 4.5 SOL (about $728). Three days later, he sold all the meme coins for 1736.1 SOL ($267,400).
Analysts noted that the trader also invested 46 SOL in four meme tokens: DJT, FatNigga, FTRISTAN and Donatella. However, he failed to make money on any of them.
"Maybe he was just lucky to buy DADDY, but it's also possible that he's just a stupid insider," Lookonchain stressed.Earlier, the insider trader earned $5.6 million on DADDY, which is promoted by Andrew Tate. The former kickboxer deployed a meme token as a competitor to the MOTHER coin from singer Iggy Azalea.
Recall that in June, Ethereum co-founder Vitalik Buterin criticized the experiments of celebrities with meme coins and called for focusing on projects with a focus on public goods, rather than enriching insiders.
https://forklog.com/cryptorium/pochemu-mem-tokeny-stali-tak-populyarny-v-2024-godu