- An insider turned a $1,950 investment into $5.6 million by strategically trading DADDY tokens post-Andrew Tate’s promotion.
- Andrew Tate’s promotion increased visibility and trading activity, impacting DADDY’s token value.
- Burning $150M worth of DADDY tokens, accounting for 40% of the supply, has influenced the token’s market dynamics.
An insider reaped a $5.6 million windfall from strategic trading of DADDY tokens, a cryptocurrency recently promoted by former kickboxer Andrew Tate. Blockchain analytics firm Lookonchain revealed the well-timed transactions, highlighting the potential for significant profits in the volatile crypto market.
According to Lookonchain, the address initially purchased 29.8 million DADDY tokens for 13.2 SOL, equivalent to $1,950, across three wallets. This transaction occurred before former kickboxer Andrew Tate published promotional content about the token.
Eighteen hours later, this insider transferred a large portion of these tokens to new wallets and commenced selling. In total, 15.14 million DADDY tokens were sold for 11,752 SOL, which amounts to $1.74 million. This sale alone resulted in an astounding gain, considering the initial investment.
Andrew Tate’s promotion significantly had a say in the token’s visibility and the ensuing trade. The insider’s strategic moves reflect a keen understanding of market timing and cryptocurrency dynamics. The address now holds 14.7 million DADDY tokens, valued at $2.8 million, further adding to the overall profit.
Additionally, Tate’s involvement has led to notable token burns, further impacting the DADDY token’s market dynamics. Recently, he announced that a staggering $150,000,000 worth of DADDY tokens were burned on June 13, 2024.
This incident was confirmed by The Real World, which reported that this burn accounted for an impressive 40% of the total supply. Such a substantial reduction in the token supply is expected to have long-lasting effects on its market value and trading behavior, proportionately increasing scarcity and demand to heighten investor sentiment.
Meanwhile, the price of Solana (SOL), the cryptocurrency used in these transactions, stands at $147.43 with a 24-hour trading volume of $2,180,461,751.82. This is despite a 3.37% price decline in the last 24 hours and a 13.65% decline over the past week.
The events surrounding DADDY tokens and the insider’s transactions underscore the volatile yet potentially profitable nature of cryptocurrency markets. With strategic buying and timely selling, substantial gains can be achieved, as demonstrated by this insider’s impressive return on investment.
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