The value of the $DADDY token has sharply declined by over 25% in the past hours, driven by significant insider activity.
On-chain reports from Lookonchain revealed that an insider sold 15.14 million $DADDY for 11,752 $SOL, equivalent to $1.74 million, generating an enormous profit given his initial investment was less than $2,000.
Before @DaddyTateCTO published his first post, the insider acquired 29.8 million $DADDY tokens for just 13.2 $SOL ($1,950) through three different wallets.
After purchasing the tokens, he sold a small portion and transferred most of the remaining tokens through multiple addresses. The bulk eventually flowed to the address “DpL2Tm”.
A few hours ago, this insider transferred a substantial amount of $DADDY to new wallets and began selling off the tokens. In total, he sold 15.14 million $DADDY for 11,752 $SOL, translating to $1.74 million. Despite these sales, the insider still holds 14.7 million $DADDY, valued at approximately $2.8 million.
Trader Hits Massive $5.6 Million In Profits
The insider’s total profit from these transactions amounts to a staggering $5.6 million, representing a gain of 2,875 times his initial investment. This massive sell-off has significantly impacted $DADDY’s market value, contributing to the recent sharp decline.
We noticed that an insider sold 15.14M $DADDY for 11,752 $SOL ($1.74M), and his cost was less than $2K, a huge gain!
1/ Let's check it out.👇 pic.twitter.com/LyUWpWljjt
— Lookonchain (@lookonchain) June 14, 2024
The rapid and extensive movement of $DADDY tokens by a single insider highlights the volatility and susceptibility of cryptocurrency markets to large-scale trades by influential holders. For retail investors, this serves as a stark reminder of the risks inherent in such markets, where the actions of a few can dramatically affect token prices.
In conclusion, the recent drop in $DADDY’s value underscores the potential impact of insider trading on the cryptocurrency market. Investors should be cautious and consider these dynamics when making trading decisions, particularly in markets that can be swayed by the actions of a few key players.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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