(14 June 2024, 22:54 PM IST):
In the cryptocurrency market, trends often flare up and grab the market’s attention. The latest buzz revolves around celebrity-based memecoins. Following the footsteps of Iggy Azalea’s $MOTHER coin, the spotlight is now on $DADDY currently trading at $0.2453, a memecoin influenced by the controversial social media personality and former kickboxer, Andrew Tate.
Recently, Lookonchain reported a staggering insider trading event involving $DADDY. An insider managed to sell 15.14 million $DADDY tokens for 11,752 $SOL, equivalent to a whopping $1.74 million. What’s even more astonishing is that this insider initially spent only 13.2 $SOL (about $1,950) to acquire 29.8 million $DADDY tokens through three separate wallets.
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!
— Lookonchain (@lookonchain) June 14, 2024
1/ Let's check it out.👇 pic.twitter.com/LyUWpWljjt
2/ Before @DaddyTateCTO published his first post, the insider spent only 13.2 $SOL($1,950) to buy 29.8M $DADDY via 3 wallets.
— Lookonchain (@lookonchain) June 14, 2024
Then he sold a small portion and transferred most of it through multiple addresses multiple times, finally flowing to "DpL2Tm".https://t.co/n64QYGsgqV pic.twitter.com/oZzG5lb4Am
The insider first sold a small portion of the tokens and then transferred the majority through various addresses multiple times. Eventually, the tokens landed in a wallet identified as “DpL2Tm”. From there, the insider continued transferring large amounts of $DADDY to new wallets and started the selling spree. After selling 15.14 million $DADDY for a substantial profit, the insider still holds 14.7 million $DADDY tokens. This massive return of 1,740,000% showcases the potential and risks associated with these celebrity-driven memecoins.
Andrew Tate’s involvement with $DADDY has significantly influenced its market dynamics. Tate announced a major token burn on June 13, 2024, where $150 million worth of $DADDY tokens were destroyed. According to The Real World, this burn accounted for an impressive 40% of the total $DADDY supply, reducing the number of available tokens and potentially increasing their value.
Andrew Tate has burned $100,000,000+ worth of $DADDY,
— The Real World (@HU_TheRealWorld) June 13, 2024
40% of the total supply.
This is what it actually means to be BUILT DIFFERENT.$DADDY to 1 Billion. pic.twitter.com/6k9dUMyZy9
Despite the hype and potential gains, the $DADDY memecoin is becoming a risky investment, especially in light of the insider trading news. As the market reacts to these developments, investors are urged to tread carefully and stay informed about the rapidly changing landscape of celebrity-influenced cryptocurrencies.