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The uncertainty surrounding meme coins is getting more scary considering the new revelations from on-chain transactions. As showcased by crypto market analytics and insights provider Lookonchain, about nine addresses transferred a total of 26 trillion LADYS tokens worth approximately $3.7 million to different exchanges.
If you notice these suspicious addresses, then you can predict the drop of $LADYS in advance.
— Lookonchain (@lookonchain) May 12, 2023
9 addresses transferred a total of 26T $LADYS ($3.7M) to exchanges.
Is it a coincidence that the price of $LADYS drops after each transfer?https://t.co/isFU2u9zVK pic.twitter.com/uoa8tBFWUA
According to the screenshot of the chart shared, the price of LADYS dropped after each transfer, a trend that pushed the analytics provider to declare that the token's drop could potentially be predicted in advance.
LADYS token emerged recently and attained mass popularity earlier this week when Elon Musk tweeted about the lady meme, sending the price of the asset up by more than 12,000%. The upsurge was linked to some accounts that acquired the token just before the Elon Musk tweet went live.
The LADYS token is now on a massive price slip in what appears to be a cool off of the hype that engulfed it previously. The meme coin is down by more than 56% at the time of writing, and it is pegged at $0.00000005448. For the week, LADYS has now shed 92% of its value, however, the inherent gains still persist.
Yuri MolchanMeme coins and whale impact
The meme coin revolution has grown at a significant rate over the past few months, with PEPE and LADYS taking centerstage. While these meme coins have recorded significant growth strides in such a short period after their public launches, the impact of market whales or holders with very large holdings of the coin cannot be discounted in their growth.
Notably, whales control a significant portion of the supply of the assets, and though every digital currency has a sizable number of whales, those connected to meme coins can have a more defined impact considering the relatively lower market capitalization of the assets.
In the earliest stages, these whales can be manipulative, and thus, calls for caution are being made for retail traders embracing the assets.
Arman Shirinyan
Dan Burgin
U.Today Editorial Team
Vladislav Sopov