Cryptocurrency Milady Meme Coin fell by 26% per day

According to CoinGecko, the value of the record-breaking cryptocurrency Milady Meme Coin (LADYS) fell by 26% overnight. As for the probable reasons for the price drop, Lookonchain analysts have noticed a correlation between the fall and the movement of large amounts of LADYS from addresses on the list of «suspicious wallets.»

The current situation is quite expected — experts have repeatedly warned about the dangers of memtokens like LADYS. They are often developed by cryptocurrency fraudsters who can resort to blocking, theft, and large-scale dumping of a digital asset at any time. Most likely, the dump has begun, so the value of Milady Meme Coin has gone down.

According to the latest data, 86 owners of Milady Meme Coin transferred 90 trillion tokens to several centralized crypto exchanges. A 26% drop in the value of the digital asset occurred literally immediately after LADYS tokens were deposited on trading platforms. At the moment, 131 trillion LADYS worth about $ 15 million are still on the balance sheets of suspicious wallets.

Also, another large LADYS holder has moved more than 12 trillion memtokens. According to experts, the investor did this for the subsequent sale of the digital asset on exchanges, thus manipulating the price.

On May 11, the price of Milady Meme Coin (LADYS), which became popular thanks to Elon Musk’s tweet, soared by 12,000%. The billionaire posted an image of NFTs from the Milady Maker collection on his account.

Milady Maker is a collection of generative NFTs in neochibi aesthetics (a Japanese technique of simplified character portrayal) with street style elements. So far, 9,823 unique tokens have been generated.

It is worth noting that meme tokens are not backed by any valuable asset (like gold for BTC), and most of them will not be able to become full-fledged cryptocurrencies in the future. Nevertheless, due to the volatile exchange rate, some of them are used as a tool for speculative transactions. The volatile exchange rate of meme cryptocurrencies, in particular, is provoked by the statements and actions of major players in the crypto market, and Musk is at the top of the list.