Crypto.com Lists Milady (LADYS) NFT Memecoin Two Days After Elon Musk’s Tweet
The world of cryptocurrencies is notoriously unstable, with sudden spikes and dips in value that occur regularly. This week, a new memecoin has caught the attention of investors after billionaire Elon Musk tweeted about it, causing its value to skyrocket by more than 2000%. Milady Meme Coin (LADYS) is associated with the Milady Maker non-fungible token (NFT) collection and is now listed on the Crypto.com app.
Crypto.com is a Singapore-based digital asset exchange platform that supports more than 250 cryptocurrencies and stablecoins. Adding LADYS to the list of supported coins means that users can now buy them at their actual prices using USD, EUR, GBP and over 20 other fiat currencies. This move is likely to attract more LADYS attention and could result in further price fluctuations.
However, some investors have expressed skepticism about LADYS’ sudden jump in value. Blockchain tracking platform Lookonchain found a mysterious crypto wallet created just an hour before Musk tweeted about the meme asset. The wallet withdrew 25 Ethereum (worth $45,362) from Binance and bought 8 trillion LADYS for $0.000000005652. There were no other transactions from the wallet, leading to speculation that the price increases were artificially manipulated.
Despite the hype surrounding LADYS, their value has dropped dramatically from their peak. At the time of writing, it was trading at $0.00000005732, representing a 57.22% decline in value over the last 24 hours. When the mysterious wallet sold it, LADYS was trading for $0.000000135961. It highlights the risks associated with meme coin investing and the importance of conducting thorough research before making an investment decision.
Adding LADYS to the Crypto.com app is a significant development for meme coin and could result in further price fluctuations. However, the sudden spike in value and subsequent retracement highlight the volatility of the cryptocurrency market and the importance of caution when investing in such assets. As always, investors should do their research and seek professional advice before making any investment decisions.