Milady Meme Coin (LADYS) experienced a major price drop of over 31% earlier today. The tracker of "Smart Money" wallets @lookonchain has noticed a correlation between this price plunge and movements of large LADYS amounts by addresses from the list of "suspicious wallets."
90 trillion meme coins sent to crypto exchanges
According to a recently published tweet by the aforementioned source, 86 wallets transferred 90 trillion LADYS in total to several crypto exchanges.
The 30% price plunge of the meme coin took place right after the time when these trillions of LADYS were deposited. At the moment, these wallets still contain 131 trillion LADYS worth around $15 million. @lookonchain has included these wallets in the list of suspicious addresses and warns those who hold or plan to buy LADYS to pay attention to them.
We updated the list of suspicious addresses.— Lookonchain (@lookonchain) May 16, 2023
86 addresses deposited a total of 90T $LADYS ($10.8M) to the exchanges.
According to the deposit time, we found that the price of $LADYS started to drop after the deposit.
These 86 addresses currently hold 131T $LADYS ($15M). pic.twitter.com/JL8zmXLbmG
DWF Labs address moves trillions of LADYS to sell
Another tweet by the same data tracker stated that one more large wallet shifted more than twelve trillion of the aforementioned meme coins to sell them on exchanges.
A wallet that is related to global major market maker DWF Labs transferred 15.1 trillion LADYS worth $2.1 million to four large crypto exchanges: MEXC, Huobi, Bybit and Gate.io.
If these coins are sold, the tweet says, the profit received would constitute over $2 million. However, just now, @lookonchain was contacted by a rep of DWF Labs, who said the wallet belonged to their partner. The coins have been moved back from the exchanges with not a single coin sold.
The address related to DWF Labs has transferred 15.1T $LADYS ($2.1M) to #MEXC, #Huobi, #Bybit and #Gateio.— Lookonchain (@lookonchain) May 16, 2023
His buying cost is 5.3 $ETH ($9,903).
If all $LADYS were sold, the profit would be more than $2 million.https://t.co/BAjPJ15Zlp pic.twitter.com/F7lVH2Zdet
LADYS printed a spike of 12,056% after the most influential meme lover in crypto, Twitter boss Elon Musk, mentioned it in his tweet five days ago. A day after that, LADYS was listed by major exchange Crypto.com.
LADYS follows success of PEPE
Milady Meme Coin emerged soon after the appearance of Pepe meme coin on the crypto market. PEPE was launched in April by an anonymous team of developers inspired by Pepe the Frog memes on the back of the success of Dogecoin, Shiba Inu and other leading meme cryptocurrencies.
Whales began to buy it in large amounts quickly to sell it later on as it reached an all-time high of $0.000004354 on May 5. By now, as was expected by many analysts in the market, the price began to decline, now trading 62.07% below the ATH.
On Saturday, Elon Musk also tweeted a meme with PEPE, pushing the price of the meme coin up by 54%.