Amidst the ongoing memecoin frenzy, the memecoin that inspired Elon’s tweet, called Milady Meme Coin (LADYS) has garnered significant attention in recent days. Bolstered by the backing of the Tesla CEO and a listing on a crypto exchange, LADYS experienced an astonishing surge of over 5000% in its price.
However, sustaining the momentum proved challenging as the memecoin faced selling pressure, leading to a struggle in its market performance.
The price of the highly sought-after Milady Non-fungible token (NFT) collection has undergone a retracement, reversing the gains observed in the previous weeks. It appears that holders of these NFTs have opted to take profits, possibly influenced by a tweet from Elon Musk.
In May, the Milady collection experience a significant surge in value following a notable endorsement from Elon Musk. Musk’s tweet featured an image of a Milady avatar with the caption, “There is no meme, I Love you.” This endorsement resulted in each NFT from the collection trading at 3.4 ether during that period.
Following the viral tweet, the price of the LADYS token witnessed an astonishing surge of almost 5000% within a single day. In an unprecedented rally, the token’s value soared from $0.0000000035 to an impressive $0.0000001745.
The NFT collection’s gain, which surged following Elon Musk’s tweet, have now been completely reversed. As per OpenSea analytics, the prices of NFTs have fallen back to pre-tweet levels, reaching as low as 3.48 ether per NFT on Friday.
In a recent move to support memecoin, KuCoin has added LADYS to its exchange. However, despite this listing, the Milady meme coin (LADYS) has experienced a substantial decline of nearly 93% over the past 16 trading sessions.
As of the time of writing, LADYS coin is being traded at $0.000000041376, showing a modest overnight gain of 2.1%. The market performance of LADYS continues to fluctuate amid the broader memecoin landscape.
A parallel can be drawn between this price pattern and the behavior observed in dogecoin (DOGE) which often receives backing from Elon Musk. whenever Musk mentions DOGE, its price tends to experience a sharp spike.