There is no denying Elon Musk’s influence in the world of crypto as in a new series of development Crypto.com, one of the largest crypto exchanges has listed the new memecoin Milady (LADYS), after its growing popularity owing to Musk’s tweet.
Elon Musk’s tweet about the Milady NFT meme caused the market capitalization of the meme token to surge past the $150 million mark.
Musk’s tweet promoting the meme coin drove massive trading volumes and caused the token’s price to skyrocket, making the recent surge of Milady Meme Coin a classic example of the “Musk Effect.”
Also Read: Milady MemeCoin Price Soars By 5000% After Elon Musk’s Viral Tweet
Musk’s tweets have previously triggered record-breaking highs for tokens like Dogecoin (DOGE) and Floki Inu (FLOKI), showing that the “Musk Effect” is not a new phenomenon in the crypto world.
The Tesla CEO’s influence over the crypto market is significant, to the point where a mere tweet can lead to significant price movement, as demonstrated by Milady Meme Coin’s recent surge.
However, these price spikes typically don’t last long. Traders and automated bots, who aim to capitalize on the sudden surge, quickly buy up the token and then sell it off for profit shortly thereafter, leading to a subsequent price drop.
The Milady surge was short-lived, as traders and bots likely rushed to buy LADYS following Musk’s tweet and started selling off the token quickly, leading to a potential price correction.
CoinGecko data shows that Milady Meme Coin currently holds a market cap ranking of #369. As of the last update, the token’s price stood at $0.000000072327, indicating a 57.9% plunge. The 24-hour trading volume reportedly reached $145.9 million, possibly spurred by Elon Musk’s involvement.
