Elon Musk's tweet caused LADYS token to appreciate 10,000%

Elon Musk's tweet caused LADYS token to appreciate 10,000%

Author: Robert Strickland (crypto-journalist)

Elon Musk's tweet caused LADYS token to appreciate 10,000%
Elon Musk's tweet with a meme of NFT from the Milady collection caused the LADYS token to rise by 10,000%
Billionaire published a meme with an image of NFT from the Milady collection, after which anime token sales increased by 2,600% and the price of Milady Meme Coin cryptocurrency increased a hundredfold

On the evening of May 10, Elon Musk posted a meme on Twitter with an image of NFT from Milady Maker collection. According to CoinGecko, after that, the rate of the Milady Meme Coin (LADYS) token, created the day before, increased 119 times or almost 12,000% - from $0.0000001444 to $0.000000172234. By 1:15 p.m. Moscow time, the token was down to $0.000000152531, with a price gain of 10,400 percent.

The NFT Milady collection was created in 2021 by the digital artist collective Remilia. It includes 10,000 anime-style tokens. After the billionaire's tweet was published, NFT's sales also grew by hundreds of percent. According to Cryptoslam, the figure increased by 2,623% overnight.

Crypto exchanges Huobi, Bidget, Bybit, and Gate.io have already announced the listing of the Milady Meme Coin token.

At the same time, analytics service Lookonchain discovered suspicious transactions related to LADYS tokens and launched an investigation.

"We discovered a mysterious address. It was created 1 hour before Ilon Musk wrote about Milady, then he withdrew 25 ETH ($45k) from Binance and bought 8 trillion LADYS tokens at $0.000000005652. And no other transactions. Coincidence?", the analysts wrote.

It was further revealed that investment firm DWF Labs was involved in the transfer of funds. According to Lookonchain, the firm owned $1.9 million worth of LADYS tokens as a result of the transactions, and it spent about $34,000 to purchase them as of the evening of May 10.

After this information came to light, developer Milady added the three largest LADYS owners to its blacklist, including two DWF Labs addresses. The company has yet to comment on the matter and continued to buy tokens on the afternoon of May 11.

"Buying after every hint." How Elon Musk influences cryptocurrency prices

Lookonchain analysts also noticed another 42 suspicious addresses that hold $19 million in LADYS tokens (23% of the circulation). All of these addresses simultaneously received Ethereum from the KuCoin exchange and bought LADYS.

The investigation also uncovered another address that first made $247k from buying Pepe meme tokens (PEPE), increasing its investment in them 36-fold, and then bought LADYS tokens before Musk's tweet, then making a profit of $302k (35 times the amount spent to buy them).

In early April, Elon Musk changed the Twitter logo to the Dogecoin symbol, after which the token rate soared by more than 33%, temporarily outpacing the growth of other cryptocurrencies. Observing the reaction of cryptocurrency market participants, Santiment analysts suggested that the "whales" were aware of the impending growth of the billionaire's favorite memcoin.

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