Elon Musk, the billionaire entrepreneur and crypto enthusiast, once again demonstrated his ability to influence the cryptocurrency market with a single tweet.
On May 11, he uploaded a photo of himself holding a sign reading “Milady” with a heart emoji, followed by the hashtag #LADYS. The tweet appeared to endorse Milady Meme Coin (LADYS), a new token that claims to be “the first female-oriented cryptocurrency.”
Milady Meme Coin launched on the Binance Smart Chain (BSC) network on May 9, 2018. According to its website, the project aims to empower women in crypto and support women’s causes through charitable donations.
There are 1 quadrillion LADYS in circulation, of which 50% were burned at launch. Additionally, the token incorporates a 10% transaction fee, distributed as follows: 5% to token holders, 3% to liquidity, and 2% to charity.
Catalyst for the token’s price and volume surge
Musk’s tweet had an immediate and dramatic impact on the price and trading volume of the token.
According to Crypto.com, one of the largest cryptocurrency exchanges that listed LADYS shortly after Musk’s tweet, the token’s price surged by over 3,000% in less than an hour, reaching a record high of $0.0000001738.
In addition, the trading volume spiked by more than 600%, reaching over $200 million.
Market volatility and profit-taking
Similar to previous cases involving Dogecoin and Shiba Inu Coin, the Milady surge was brief. Traders and bots, who likely rushed to buy LADYS in response to Musk’s tweet, began selling off the token instantly, resulting in a potential price correction.
According to CoinGecko’s data, Milady Meme Coin is currently ranked #369 by market cap. As of the latest update, the token’s price stood at $0.000000072327, marking a 57.9% plunge. The unexpected 24-hour trading volume has been recorded at $145,9 million.
The Outlook for Milady Meme Coin
Market sentiment and community support will determine the future of Milady Meme Coin. According to the project’s roadmap, it will launch a decentralized exchange (DEX), a wallet app, an NFT marketplace, and more.
However, these plans are yet to be realized and may face challenges from competitors and regulators. In addition, the project may face scrutiny by critics who question its legitimacy and social impact.
The “Musk Effect” is a double-edged sword for any crypto endeavor. While it can significantly increase exposure and adoption but also create market volatility and instability. Milady Meme Coin is one of the latest examples of how a single tweet can make or break a token’s fate.
