Elon Musk-Promoted Meme Coin Listed on Crypto.com

Meme cryptocurrency Milady Meme Coin (LADYS) has been listed on the Crypto.com exchange, according to a Friday announcement.

This comes after controversial billionaire Elon Musk tweeted the Milady NFT meme. As a result, the market capitalization of the meme token surged past the $150 million mark.

The recent surge of Milady Meme Coin is a classic example of the "Musk Effect." Musk's tweet promoting the meme coin drove massive trading volumes and caused the token's price to skyrocket.

The "Musk Effect" is not a new phenomenon in the crypto world. Previously, Musk's tweets have triggered record-breaking highs for tokens like Dogecoin (DOGE) and Floki Inu (FLOKI).

The Tesla CEO's influence over the crypto market is such that a mere tweet can lead to significant price movement, as seen with Milady Meme Coin's recent surge.

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As with previous cases, the Milady surge was short-lived. Traders and bots, who likely rushed to buy LADYS following Musk's tweet, started selling off the token quickly, leading to a potential price correction.

According to CoinGecko data, Milady Meme Coin is currently ranked #369 by market cap. As of the last update, the token's price stood at $0.000000072327, marking a 57.9% plunge. The 24-hour trading volume has been recorded at a whopping $145.9 million.