Insider Gains $5.6 Million from Andrew Tate’s Meme Token

An insider trader has reaped a profit of $5.6 million from the meme token DADDY, promoted by former kickboxer Andrew Tate, after investing just $1950. This was reported by analysts at Lookonchain.

3/ 18 hours ago, the insider transferred a large amount of $DADDY to new wallets and started selling.

He sold a total of 15.14M $DADDY for 11,752 $SOL($1.74M), and currently has 14.7M $DADDY left, worth $2.8M!

His total profit is $5.6M, a gain of 2,875x! pic.twitter.com/Jy2S1ejr7Q

— Lookonchain (@lookonchain) June 14, 2024

Researchers found that even before Tate announced the launch of the meme coin, an address spent 13.2 SOL to purchase 29.8 million DADDY. The trader then distributed the coins across several wallets.

Later, he transferred assets to new addresses again and sold 15.14 million DADDY tokens for 11,752 SOL (~$1.74 million). His wallet still holds 14.7 million coins valued at approximately $2.8 million.

The coin was launched on June 10 on the Solana network. According to DEX Screener, its market capitalization at the time of writing is $173 million.

The former athlete launched DADDY as a rival to the MOTHER coin by singer Iggy Azalea.

I heard about a coin called mother so now I’m supporting a coin called $DADDY to flip it for the patriarchy.

We’re bringing the Gs back make me a fucking sandwich females.

Then I’m setting all my Daddy on fire because I don’t want money I just want chaos.

Top G.

— Andrew Tate (@Cobratate) June 11, 2024

“I heard about a token called MOTHER, so now I’m supporting a token called DADDY to shift power towards the patriarchy. […] Then I’ll burn all my coins because I don’t need money, I just want chaos,” Tate wrote in one of his posts.

The DADDY community achieved its goal in three days, surpassing MOTHER in market capitalization. The former reached a peak of $290 million, while Iggy Azalea’s token only approached $270 million.

$DADDY is now a 23,770x in 3 days

$12.2k -> $290M MC (ath)@Cobratate has surpassed $MOTHER (14 days old) in three days

a $100 buy would be worth $2.37M at the top

one of the best crypto plays of all time ? https://t.co/MJQ1dM0wOS pic.twitter.com/quE3wCm2B2

— 100x (@100xgemfinder) June 12, 2024

Tate also fulfilled his promise to destroy his coins. On June 13, he removed $110 million worth of DADDY from circulation — about 40% of the total supply.

Andrew Tate Has Officially Burned $110,597,600 Worth Of $DADDY,

40% of the total supply.

This is what it actually means to be BUILT DIFFERENT.$DADDY to 1 Billion. pic.twitter.com/funZRpA9Sn

— The Real World (@AccessTRW) June 13, 2024

However, analysts at Bubblemaps warned of risks associated with the meme token. According to them, insiders purchased about 30% of DADDY’s supply.

1/ We found huge insider activity on $DADDY ?

Insiders bought 30% of the supply at launch, before Andrew Tate (@Cobratate) started to promote it on X, and are currently sitting on $45M+

A thread ? ↓ pic.twitter.com/UyB4SpAs9Z

— Bubblemaps (@bubblemaps) June 12, 2024

“The sale from one wallet could lead to a liquidity crash,” the team believes.

Similar concerns were expressed by Bubblemaps experts regarding MOTHER. Approximately 20% of the coin’s supply is held by informed traders.

Andrew Tate is a controversial influencer, millionaire, and former MMA fighter, also known for his misogynistic remarks. All his channels on YouTube, TikTok, and Instagram are banned.

In June 2023, Tate, along with his brother Tristan and two Romanian women, was charged with human trafficking, rape, and forming a criminal group to exploit women. During the criminal investigation, authorities seized personal belongings, cars, designer watches, as well as real estate, cash, and cryptocurrencies from the influencer.

In January 2024, the Bucharest Court of Appeal accepted Tate’s request for a reassessment of the funds confiscated by the state.

Earlier in June, the meme token Beercoin reached a peak of $0.0005646. This was preceded by significant purchases of the asset by a single trader.

Previously, ForkLog reported that an investor earned $1.7 million in four days on the PEW token.