what to know as Milady skyrockets

• Milady (LADYS) price jumped more than 10,000% in a few hours after an Elon Musk tweet of a meme image. 
• LADYS price was up over 3,200% at the time of writing as major exchanges listed the meme token.
• Milady is ranked 238th by market cap on CoinGecko, with $122 million in MC.

The memecoin carnival just got another trendy token as the price of Milady (LADYS), which has no particular association with the NFT project Milady, soared more than 50x in 24 hours.

Recent dominance of the meme token trend by Pepe (PEPE) took a backseat as Crypto Twitter reacted to developments around the token.

As of writing, the LADYS token was trading around $0.000000133704, roughly 3800% up with a trading volume of over $221 million (up 11,914% in the past 24 hours).

 According to data on CoinGecko, Milady has a maximum supply of 888 trillion LADYS.

What’s behind the Milady (LADYS) price explosion?

The massive price gains early 11 May, 2023 pushed the value of the new meme coin up over 18,000% from its all-time low reached just 24 hours earlier on 10 May.

Milady price took to the moon on Wednesday, with the reaction to a tweet by Elon Musk that highlighted the Milady NFT, jumpstarting a flurry of buy activity. The Musk tweet aside, multiple exchanges, including Bybit, Bitget, Huobi, Gate.io and MEXC Global have listed or announced listing support LADYS.

📣 #Bybit is excited to announce the upcoming listing of $LADYS on our Spot trading platform! @miladymemecoin

🗓 May 11, 2023, 10AM UTC

Stay tuned!#TheCryptoArk #BybitSpot pic.twitter.com/qB8ZMBY1ax

— Bybit (@Bybit_Official) May 11, 2023

But on what Milady is and looks to offer, details on the memecoin’s website states:

“$LADYS coin has no association with Charlotte Fang or her creation Milady Maker. This token is simply paying homage to a NFT collection we all love and recognize. $LADYS is a meme coin with no intrinsic value or expectation of financial return. There is no formal team or roadmap. The coin is completely useless and for entertainment purposes only.”

Milady price outlook

In terms of price performance, whether LADYS price can sustain the upside momentum remains to be seen. But one thing likely to happen is for price to dump as people take profits. 

Small investors wil have to be wary of the potential sell-off likely to be triggered by large holders, the so-called whales. These entities hold trillions of LADYS tokens and could look to dump on retail. PEPE dumped earlier this week as a whale sent trillions of tokens to a major crypto exchange.

Crypto news alert and smartmoney on-chain account Lookonchain highlights one such whale as DWF Labs.

1/ The developer of #Milady added the top 3 holders of $LADYS to the Blacklist.

And the top 2 holders (excluding Blacklist and developer addresses) of $LADYS both seem to belong to DWF Labs.

DWF Labs became the largest holder and currently holds 30.6T $LADYS ($1.9M). pic.twitter.com/tJxz1HUlUy

— Lookonchain (@lookonchain) May 11, 2023