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.However, these price spikes are typically ephemeral. Traders and automated bots, aiming to capitalize on the sudden surge, quickly buy up the token and then sell it off for profit shortly thereafter, leading to a subsequent price drop.
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.