An anonymous trader earned $266,600 from the meme coin DADDY, increasing their deposit 385 times in just three days, as noted by analysts at Lookonchain.
Starting with only 4.86 $SOL($780), this trader made 1,731.6 $SOL ($266.6K), a gain of 385x!
Legend!?
5 days ago, this trader created a new wallet and received 4.86 $SOL($780) from #FixedFloat as trading funds.
The first token he bought was $DADDY, spending 4.5 $SOL($728) to… pic.twitter.com/ea29stYZX6
— Lookonchain (@lookonchain) June 14, 2024
The trader acquired 3.71 million DADDY for 4.5 SOL (approximately $728). Three days later, they sold all the meme coins for 1736.1 SOL ($267,400).
Analysts noted that the trader also invested 46 SOL in four meme tokens: DJT, FatNigga, FTRISTAN, and Donatella. However, they failed to profit from any of these.
“Perhaps they were just lucky with the DADDY purchase, but it is also possible they are merely a foolish insider,” highlighted Lookonchain.
Previously, an insider trader earned $5.6 million on DADDY, which is promoted by Andrew Tate. The former kickboxer launched the meme token as a competitor to the MOTHER coin by singer Iggy Azalea.
In June, Ethereum co-founder Vitalik Buterin criticized celebrities’ experiments with meme coins and urged a focus on projects aimed at public goods rather than enriching insiders.