On May 11, LADYS, the self-organized memecoin of the namesake anime avatar nonfungible tokens (NFT) collection, experienced an incredible surge of over 5,250% within just 24 hours. At the time of publication, the coin was trading at $0.0000001528. This surge can be traced back to the previous day when American business magnate Elon Musk tweeted a meme featuring the Milady NFT, catapulting the average sale price of the collection on the Ethereum blockchain.
Interestingly, LADYS has “no association” with Milady’s creator Charlotte Fang or Milady Maker, according to its developers. They add that the token “is simply paying homage to an NFT collection we all love and recognize.” Although LADYS is branded as a meme coin with no intrinsic value or financial return expectation, investors seem to have found more in this coin beyond its meme value. As of now, the total diluted market capitalization of LADYS has skyrocketed past $140 million, with a 24-hour trading volume reaching $230 million.
The token’s website explains that the total supply of LADYS is a staggering 888 trillion. Additionally, 94% of the tokens have been sent to the liquidity pool (LP), with LP tokens being burned and the contract renounced. Until recently, LADYS could only be traded on the decentralized exchange Uniswap; it has since gained popularity and now is listed on multiple major cryptocurrency exchanges, as of May 11.
Some exchanges, like Bybit, have even offered LADYS prize pools to encourage deposits. Others, such as Bitget, have remained true to the token’s meme nature by supporting its listing decision. In the words of the LADYS website: “LADYS is the tokenization of the fully memetically optimized white pill. LADYS is a self-organized meme coin. LADYS is the drip currency. LADYS are the points for karma, charm and beauty. LADYS is the accumulation of clout.”
Although LADYS started as a meme coin, its meteoric rise in value shows that investors are keen to capitalize on the phenomenon. With a growing market capitalization and trading volume, it seems that this token may develop into something more than just an entertainment tool. As LADYS continues to capture the market’s attention, will it be able to maintain its momentum or fade into obscurity as another passing fad? Only time will tell how this intriguing development in cryptocurrency will play out.
Source: Cointelegraph
