The crypto market has seen a sudden shift of focus among PEPE investors towards a new meme coin, Milady Meme Coin (LADY). Rumors are floating around suggesting a possible link between the emerging token and Twitter CEO Elon Musk. Blockchain analytics site Lookonchain confirmed this investor transition in a tweet, revealing that some addresses have swapped their PEPE positions for LADYS.
Some of these investors have been found staking large amounts into this newly trending meme coin. For instance, one address has purchased a massive holding of 7.5 trillion LADYS, currently valued at approximately $1.18 million. This token has skyrocketed over 10,000% within the previous 24 hours, with its current market price standing at $0.0000001461.
The possible subtle connection between Musk and LADYS is linked to a lady-like cartoon character shared by the Twitter CEO, as Lookonchain unveiled an address created just an hour before this shared picture. This particular address withdrew 25 ETH from Binance and purchased 8 trillion LADYS, which was the sole purchase made from that wallet.
With the rise of LADYS, a surge in investments has been witnessed, witnessing more than $138 million in trading volume and a market cap surpassing $125 million during the last 24 hours.
As this meme coin revolution takes the limelight, particular skepticism surrounding its hype exists among some crypto advocates. For instance, Chris Blec, a prominent crypto enthusiast, expressed concerns about the potential risks of these meme coins, citing PEPE as an example. He argues that the creation of such coins involves bigger schemes involving big money, influential people, and strategic planning, thus turning uninformed investors into pawns in their game.
In summary, the sudden shift of PEPE investors towards the new Milady Meme Coin indicates the influence of certain powerful factors on the crypto market, and as traders continue to pour funds into these meme coins, the eventual outcomes remain uncertain. Do your market research before investing to avoid becoming “a pawn in a much bigger game,” as Blec elaborates it. The crypto market is a volatile environment, and these sudden hypes can lead to severe consequences for those who invest without proper understanding.
Source: Coingape
