The meme coin frenzy in the cryptocurrency world led to a Solana craze in March. Starting with DOGE and continuing with SHIB and PEPE, the trend evolved into a large-scale Solana meme coin event. Thousands of new cryptocurrencies were created, some influenced by famous personalities. Recently, Andrew Tate’s statements and shares significantly impacted the market, leading to the rise of a millionaire.
Is It the Andrew Tate Effect?
Recently, significant information about Daddy Tate (DADDY) caused rumors in the market. Insiders in the cryptocurrency world, like in the economic world, are known to make substantial gains.
An investor, believed to have similar insider information, turned a $2,000 investment into $1.74 million through an incredible rise. Andrew Tate, who has millions of followers and occasionally makes notable cryptocurrency statements, was at the core of this cryptocurrency. The investor leveraged the significant interest in Daddy Tate. Interestingly, this occurred despite Andrew Tate having no organic connection to the cryptocurrency.
Lookonchain offered a different perspective, suggesting the person might have insider information.
Lookonchain, examining the investor’s moves, identified three wallet addresses. The investor bought 29.8 million DADDY tokens, equivalent to about 13 Solana, and made several moves afterward.
The investor’s moves are noteworthy. Initially selling some of the cryptocurrencies, the investor might have divided and later combined the tokens to avoid attention. Within 24 hours, the investor sold most of the remaining tokens for approximately 12,000 SOL, making a $1.74 million profit.
More importantly, the investor still holds 13.96 million DADDY tokens worth over $2.8 million, potentially reaching a total profit of $5.6 million if sold today.
How Much Is the Meme Coin Worth?
Daddy Tate, part of the Solana craze, increased by 3.5% in the last 24 hours. After the rise, the price reached $0.2452. Daddy Tate’s market cap also increased similarly, surpassing $247 million.
More importantly, the 24-hour trading volume reached $82 million, making it the 82nd most traded cryptocurrency according to Coinmarketcap data.
Despite these developments and the emergence of millionaires, it’s essential to remember that meme coins can sometimes lead to negative outcomes. Investors should be cautious, as those entering the market late may incur losses despite others’ significant gains.
