Trader turns $2,000 into $1.74 million with celebrity memecoin

On Jun 16, 2024

The cryptocurrency market has once again demonstrated its potential for big gains. A recent turnaround involving the Daddy Tate (DADDY) memecoin highlighted this potential. This is because a trader turned an initial investment of US$2,000 into US$1.74 million in a short period.

The Daddy Tate memecoin, linked to Andrew Tate, the popular Anglo-American social media personality and former professional kickboxer, has seen its value soar thanks to a series of promotions and market strategies. Although Tate was not directly involved in the coin’s creation or management, his name and influence have had a significant impact on its market performance.

According to blockchain analytics firm Lookonchain, the trader was an “insider.” He started his journey by purchasing 29.8 million DADDY tokens across three different wallets. The investment totaled 13.2 Solana (SOL), approximately US$1,950.

As anticipation surrounding the coin grew, fueled by promotions from the DaddyTateCTO account, the insider executed a series of strategic moves. This included, for example, selling initial portions of its assets and transferring most of the tokens across multiple addresses. Finally, he consolidated the assets in the wallet marked “DpL2Tm”.

Profit from Memecoin

Within 18 hours of these maneuvers, the insider sold 15.14 million DADDY tokens for 11,752 SOL, converting his holdings into approximately $1.74 million. Despite this significant trading volume, the trader still holds 13.96 million DADDY tokens, now valued at around $2.8 million, culminating in a total profit of approximately $5.6 million – a 2,875x increase in relation to the initial investment.

A June 12 report from on-chain analytics platform Bubblemaps revealed that the trader now controls a significant portion of DADDY’s circulating supply, valued at more than $45 million out of a total of 1 billion tokens.

Daddy Tate has now reached a market value of US$262.94 million. The token is currently trading at US$0.266, having registered an increase of 12.27% in the last 24 hours.