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There may be trouble looming for the Milady Meme Coin (LADYS) ecosystem as one of the largest holders of the digital currency is making what is suspected to be a move to a sell-off. According to data from Lookonchain, DWF Labs, a start-up that has been identified severally as a major meme coin whale, has sent 100,000 LADYS tokens worth approximately 1 cent to an OKX deposit address.
Per speculation from the crypto analytics service provider, this DWF transfer is likely a test transaction before depositing the LADYS token on the exchange. The deposit of the cryptocurrency on OKX might mean a lot of things for the digital currency as exchanges are the primary avenues by which users tend to dump off their digital currency holdings.
DWF Labs transfer 100,000 $LADYS($0.01) to an #OKX deposit address.
— Lookonchain (@lookonchain) May 15, 2023
This appears to be a test transaction before depositing.https://t.co/MGgNCoZsit pic.twitter.com/YojRrd8mG2
While it remains unclear whether this is the main strategy of DWF Labs with respect to its LADYS token holdings, the volatility inherent in the digital asset and, specifically, the meme coin niche, has made it more predisposed to a bearish shift considering the sell-off potential.
The meme coin is trading at a spot price of $0.0000001421, up by 27% over the past 24 hours in what appears as a general community shrug off on the likely impact of any potential sell-off.
Yuri MolchanMeme coins and whale impact
Per an earlier report by U.Today, DWF Labs holds a total of 30.7 trillion LADYS token, an amount that is equal to 3.5% of the meme coin's total supply.
Holdings this large imply that DWF Labs can help shift sentiment with whatever move or path it chooses and with all eyes fixed on its OKX deposit address, the company's next move can either derail the growth of the meme coin or bolster it some more.
Whale impact on the other top digital currencies has also been profound, especially for Dogecoin (DOGE) and Shiba Inu (SHIB).
Alex Dovbnya
Vladislav Sopov
Dan Burgin