The world of cryptocurrency is notoriously volatile, with sudden surges and crashes in value happening regularly. This week, a new memecoin has captured the attention of investors after billionaire Elon Musk tweeted about it, causing its value to skyrocket by over 2000%. The Milady Meme Coin (LADYS) is associated with the Milady Maker non-fungible token (NFT) collection and has now been listed on the Crypto.com app.
Crypto.com is a Singapore-based digital assets exchange platform that supports over 250 cryptocurrencies and stablecoins. Adding LADYS to its list of supported coins means that users can now purchase it at true cost using USD, EUR, GBP, and over 20 other fiat currencies. This move will likely attract more attention to LADYS and could result in further price fluctuations.
However, some investors have already expressed skepticism about the sudden surge in LADYS’ value. Blockchain tracking platform Lookonchain discovered a mysterious crypto wallet created just one hour before Musk tweeted about the meme asset. The wallet withdrew 25 Ethereum (worth $45,362) from Binance and bought 8 trillion LADYS at $0.000000005652. There were no other transactions from the wallet, leading to speculation that the price increase was artificially manipulated.
Despite the hype surrounding LADYS, its value has already heavily retraced from its peak. At the time of writing, it trades at $0.00000005732, representing a 57.22% decrease in value over the last 24 hours. When the mysterious wallet sold it, LADYS was trading for $0.000000135961. This highlights the risks associated with investing in meme coins and the importance of conducting thorough research before making investment decisions.
Adding LADYS to the Crypto.com app is a significant development for the meme coin and could result in further price fluctuations. However, the sudden surge in value and subsequent retracement highlights the volatility of the cryptocurrency market and the importance of being cautious when investing in such assets. As always, investors should conduct their research and seek professional advice before making any investment decisions.