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Elon Musk’s tweet triggered a 12 000% growth of a new meme cryptocurrency
According to CoinGecko, the price of the digital token Milady Meme Coin (LADYS) soared by more than 12,000% today, May 11.
During the day, the meme cryptocurrency rate rose from $ 0.1 444 to $ 0.172 607. Amid the surge in LADYS’s value, Huobi, Bidget, Bybit, and Gate. io have announced the listing of the token on their platforms. At the time of writing, the digital asset is available for purchase at $ 0. 167 710.
The price of the meme-coin was boosted by Elon Musk’s tweet, as the billionaire posted an image of NFT from the Milady Maker collection on his account. As a result, according to the Cryptoslam analytical service, sales of digital tokens soared by 2900% and reached $ 7.87 million. Over the past day alone, the asset was purchased 695 times, which is 1600% higher than usual.
— Elon Musk (@elonmusk) May 10, 2023
As a reminder, 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.