An unidentified cryptocurrency trader is capitalizing on the growing meme coins boom, earning significant returns on their Goatseus Maximus (GOAT) investments.
Besides these returns, the investor’s trading pattern has raised questions about whether they are a highly skilled trader or have utilized insider knowledge in their transactions.
Details of the trade indicate that the mysterious investor turned an initial $58,000 investment into a staggering $7.5 million by buying GOAT, according to on-chain analytics data shared by Arkham on November 1.
The trader acquired approximately 1.5% of the total GOAT token supply shortly after its launch, which has since paid off tremendously. GOAT’s value surged, leading to nearly $7.45 million in gains in a trade on Raydium, an automated market maker (AMM) involving the GOAT/SOL pair.
Such timing and confidence in purchasing a large percentage of a new cryptocurrency’s supply hint at more than just trading skills—they could suggest access to privileged information.
Adding to the intrigue, on-chain data indicated that the investor was also involved in Daddy Tate (DADDY), a meme coin heavily promoted and associated with social media personality Andrew Tate.
They previously received $104,000 worth of DADDY from a wallet holding 1.4% of that token’s supply. Those DADDY tokens were also acquired very close to the token’s launch, within just two hours of its debut.
Pattern of possible insider trading activity
This consistent pattern of early, large-scale purchases in newly launched tokens raises speculation about whether the investor benefits from insider knowledge.
Notably, at the launch of DADDY, there was controversy regarding potential insider trading activity linked to Tate and his associates. Data suggested several wallets purchased 30% of DADDY before Tate promoted it online.
Beyond the possibility of insider trading, this trader’s strategy of getting involved in meme coins has paid off. Investors who have purchased the coins early—especially those with promising prospects—have often seen significant returns.
Growing interest in meme coins
Lately, there has been a growing trend of investors capitalizing on select meme coins, particularly those launched on the Solana (SOL) blockchain. GOAT, in particular, is one of the hottest meme coins on the market at the moment.
The token was inspired by the “goatse” meme, an image from the early 2000s that gained notoriety for its shocking content. The meme’s popularity has surged due to increased social media attention and its association with an AI chatbot, Truth Terminal, which interestingly became a millionaire partly due to its investment in GOAT.
Overall, GOAT has seen a fair share of millionaire investors and others who missed out on windfalls due to poor timing.
As of press time, GOAT was trading at $0.46, down about 14% in the past 24 hours. Despite this, the meme coin has rallied 375% in recent months.
Meanwhile, DADDY has also attracted notable interest due to Tate’s promotion. As of press time, the meme coin was trading at $0.0913, down less than 1% in the past 24 hours and 30% over the past month.
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