Investor transforms 58000 into 75 million Trader or Insider
An anonymous cryptocurrency trader is taking full advantage of the booming meme coin market, achieving remarkable profits from their investment in Goatseus Maximus (GOAT). This investor’s trading strategy has sparked speculation about whether they possess exceptional trading skills or have leveraged insider information to make their moves.
According to on-chain analytics data released by Arkham on November 1, this enigmatic trader transformed an initial investment of $58,000 into an astonishing $7.5 million by acquiring GOAT tokens.
**Picks for you:**
– Bitcoin price prediction for November, based on historical BTC returns (22 mins ago)
– US Treasury bonds on the rise, with analysts warning this is ‘absolutely terrifying’ (3 hours ago)
– Bitcoin “bull-trap” alert: Is the path to $100,000 still open for BTC? (3 hours ago)
– Ripple braces for what could be the largest XRP dump in seven years (6 hours ago)
The trader managed to purchase around 1.5% of the entire GOAT token supply shortly after its release, a decision that has proven to be highly lucrative. The price of GOAT soared, resulting in nearly $7.45 million in profits from a trade executed on Raydium, an automated market maker (AMM) dealing with the GOAT/SOL pair.
GOAT/SOL trading pair on Raydium. Source: Dex Screener
The precise timing and magnitude of this purchase indicate an acumen that goes beyond mere trading abilities; it raises the possibility of insider access to information. Adding to the mystery, on-chain data revealed that this investor was also active in Daddy Tate (DADDY), a meme coin heavily endorsed by social media figure Andrew Tate. They received $104,000 worth of DADDY from a wallet that held 1.4% of the token’s supply, acquiring those tokens just two hours after the coin’s launch.
Wallet transaction involving DADDY token. Source: Arkham
**Indicators of Potential Insider Trading**
This consistent trend of making substantial early investments in newly launched tokens invites speculation about whether the trader is benefiting from insider information. Notably, DADDY’s launch was shrouded in controversy over potential insider trading linked to Tate and his associates. Data indicated that several wallets purchased 30% of DADDY tokens before Tate began promoting them online.
Regardless of the implications of insider trading, the trader’s strategy of investing in meme coins has yielded significant returns. Investors who enter the market early—especially those targeting coins with strong potential—often reap substantial rewards.
**Rising Fascination with Meme Coins**
Recently, there has been a notable uptick in investor interest in select meme coins, particularly those emerging on the Solana (SOL) blockchain. Among these, GOAT stands out as one of the most talked-about meme coins currently available.
The token draws its inspiration from the “goatse” meme, an infamous image from the early 2000s known for its shocking nature. The meme’s resurgence can be attributed to heightened social media buzz and its connection to an AI chatbot, Truth Terminal, which notably became a millionaire in part through its investment in GOAT.
Overall, GOAT has attracted a significant number of millionaire investors, alongside those who unfortunately missed out on its financial gains due to miscalculations in timing. As of now, GOAT is trading at $0.46, reflecting a decline of approximately 14% in the last 24 hours. Nonetheless, the meme coin has experienced a remarkable increase of 375% over recent months.
Meanwhile, DADDY has also garnered considerable attention, thanks to Tate’s promotion. As of the latest update, DADDY was trading at $0.0913, showing a minor decrease of less than 1% in the past 24 hours and a 30% drop over the last month.