- Coincidence or market manipulation: LADYS memecoin sees explosive growth after Elon Musk’s post
- The price of memecoin LADYS skyrocketed by more than 3000% after Musk’s post
A new meme coin called Milady (LADYS) has just made a huge splash and its popularity has spread like wildfire over the past 24 hours. The reason for its hype shares similarities with some of the most popular meme coins like Dogecoin.
The LADYS meme coin made its debut a few days ago, seemingly to capitalize on the ongoing memecoin season. Those who have been in the crypto market for a while know that Elon Musk’s tweets about crypto have a big impact. As is the case with Dogecoin and the same situation applies to the LADYS meme coin.
Milady has had 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 photo related to the LADYS memecoin on his Twitter page.
Elon Musk posted a photo related to @miladymemecointhe price of $ LADIES skyrocketed by over 3000%!
DWF Labs might know something, he bought 15T $ LADIES with 13.53 $ETH($25K) 1 day ago.https://t.co/x7iEMdFMrw pic.twitter.com/mj2N3cQtky
— Lookonchain (@lookonchain) May 10, 2023
The meme coin began its explosive rally soon after, suggesting that many people who watched closely took this as a hint for the next best thing. While the Musk factor certainly played a big part in Milady’s massive rally, some observations have cast doubt on its legitimacy.
Scam or the real thing?
Twitter experts observed some unusual findings regarding this new memecoin. One specific address stands out because it was used to buy 8 trillion LADYS using 25 ETH pulled from Binance.
This purchase was made an hour before Elon Musk posted the photo. Investigators speculated that it was all planned by the person who controls Elon’s tweets, though there was no concrete evidence to support that claim.
We found a mysterious address.
– made 1 hour earlier #Elon Musk tweeted about #Milady.
– Withdrawn 25 $ETH ($45,362) from #Binance and bought 8T $ LADIES for $0.000000005652.
– No other transactions.
is it a coincidence?👀 pic.twitter.com/3IQLZefo7q
— Lookonchain (@lookonchain) May 10, 2023
The address may have contained inside information or exploited a manipulated situation. It wouldn’t be the first time such an incident has happened.
In fact, the recent hype surrounding memecoins has attracted many scammers as well. Hence the danger that can be associated with a new unknown memecoin. In fact, there is already a scam taking advantage of Milady’s hype.
Stop sending your money to blatant meme coin presale scams like @miladyerc20
The account previously had the usernames @0thecoin @itachycoin before the latest scam.
I can’t believe they got 63 ETH ($116,000) in just 1 hour. 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 no doubt Milady is off to a strong start.
Availability is currently limited, so the future is still uncertain. It will likely gain access to more liquidity if listed on major exchanges, but that remains to be seen.
