Crypto insider turns $2,000 to $1.74 million with Andrew Tate-related meme coin
The post Crypto insider turns $2,000 to $1.74 million with Andrew Tate-related meme coin appeared on BitcoinEthereumNews.com.
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. Andrew Tate on DADDY. Source: Andrew Tate/ X 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. 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 price 24-hour chart. Source: CoinMarketCap Daddy Tate, a…
Filed under: News - @ June 14, 2024 7:12 pm