- Coincident or market manipulation: LADYS memecoin sees explosive growth after Elon Musk’s post
- The price of memecoin LADYS shot up by more than 3000% after Musk’s post
A new meme coin called Milady (LADYS) just made a massive splash and its popularity has been spreading like wildfire in the last 24 hours. The reason for its hype shares similarities with some of the most popular meme coins such as Dogecoin.
The LADYS meme coin made its debut a few days ago seemingly to take advantage of the ongoing memecoin season. Those that have been around the crypto market for a while know that Elon Musk’s tweets regarding crypto tend to have a significant impact. Such as the case with Dogecoin and the same situation applies to the LADYS meme coin.
Milady has been on a strong bull run that resulted in a rally of more than 5,000% in the last 24 hours at the time of writing. It all started when Elon Musk posted a picture associated with the LADYS memecoin on his Twitter page.
Elon Musk posted a picture related to @miladymemecoin, the price of $LADYS skyrocketed by more than 3000%!
DWF Labs might know something, he bought 15T $LADYS with 13.53 $ETH($25K) 1 day ago.https://t.co/x7iEMdFMrw pic.twitter.com/mj2N3cQtky
— Lookonchain (@lookonchain) May 10, 2023
The meme coin started its explosive rally shortly after, suggesting that many people watching closely saw this as a hint for the next best thing. While the Musk factor certainly played a huge role in Milady’s massive rally, some observations have called its legitimacy into question.
A scam or the real deal?
Twitter pundits observed some unusual findings regarding this new memecoin. One particular address stands out because it was used to purchase 8 trillion LADYS using 25 ETH withdrawn from Binance.
This purchase was made an hour before Elon Musk posted the pic. Researchers speculated that it was all planned by the person that manages Elon’s tweets, although there was no concrete evidence to support that claim.
We found a mysterious address.
– Created 1 hour before #Elon_Musk tweeted about #Milady.
– Withdrew 25 $ETH ($45,362) from #Binance and bought 8T $LADYS at $0.000000005652.
– No other transactions.
is it a coincidence?👀 pic.twitter.com/3IQLZefo7q
— Lookonchain (@lookonchain) May 10, 2023
The address may have had insider information or perhaps was taking advantage of an engineered situation. It would not be the first time such an incident occurred.
In fact, the recent hype around memecoins also attracted a lot of scammers into the fold. Hence, the danger that may be associated with a new unknown memecoin. In fact, there is already a scam taking advantage of Milady’s hype.
Stop sending your funds to blatant meme coin presale scams like @miladyerc20
The account previously had the usernames @0thecoin @itachycoin before the latest scam.
Can not believe they got 63 ETH ($116k) in just 1 hr. pic.twitter.com/XoY19qCR1C
— ZachXBT (@zachxbt) May 10, 2023
Will LADYS replace PEPE to become the next heavily hyped memecoin? The future is in the realm of uncertainty, but without a doubt, Milady is off to a robust start.
Right now its availability is still limited, hence its future is still uncertain. It will likely access more liquidity if attracts listing on major exchanges, but that remains to be seen.
