Musk's advanced LADYS token brought its 10 largest holders $20 million in profits
Elon Musk's advanced LADYS token brought its 10 largest holders $20 million in unrealized gains
Due to the asset's small amount of liquidity on exchanges, large holders of the memetic token may have difficulty realizing these gains
The number of unrealized profits of the top 10 holders of the cryptocurrency Milady Meme Coin (LADYS) exceeded $20.4 million, according to analytical service Lookonchain. These addresses hold 180 trillion LADYS tokens, representing 20.3% of the coins issued.
The LADYS token was launched on the Ethereum network in early May and also supports the Arbitrum network standard (ARB). On the evening of May 10, Elon Musk posted a meme on Twitter with an image of NFT from the Milady Maker collection. After that LADYS token rate increased 119 times, or almost by 12,000% - from $0.0000001444 to $0.000000172234.
The coin is being traded on both decentralized platforms and major DEX exchanges. LADYS has already been listed by Huobi, Gate.io, Bybit, Bidget, and MEXC. According to CoinGecko, the market capitalization of the asset as of May 16 is $88 million and the daily trading volume is $89.5 million.
At the same time, Lookonchain analysts noticed suspicious transactions with the cryptocurrency LADYS, as they later stated, associated with DWF Labs. After this information emerged, developer Milady added the three largest token holders to its blacklist. They contain 109 trillion LADYS (about $15 million) and it is now impossible to withdraw funds from these addresses.
Other large holders of the coin may also find it difficult to realize profits, according to The Block's expert. According to him, the liquidity of the asset is about $3 million, distributed on the Uniswap v2 and v3 platforms. If the owners of LADYS want to sell the cryptocurrency, they should either consider the possibility of huge slippage (the difference in price between the moment of sending the transaction and the moment of its confirmation in the blockchain) or close their positions gradually.