Given the latest information from on-chain transactions, the ambiguity around meme currencies is becoming increasingly terrifying. Lookonchain, a supplier of crypto market analytics and insights, revealed that a total of 26 trillion LADYS tokens, worth around $3.7 million, were moved to various exchanges by nine addresses.
The price of LADYS decreased following each transfer, as seen by the snapshot of the chart that was uploaded, and this pattern led the analytics firm to claim that the token’s decline may be foreseen.
Earlier last week, after Elon Musk tweeted about the woman joke, LADYS token, which had only lately gained popularity, had a price increase of more than 12,000%. A few accounts that bought the token right before Elon Musk’s post went live were responsible for the increase.
The price of the LADYS token has dropped significantly recently, seemingly as a result of the past euphoria that surrounded it. At the time of writing, the meme currency is valued at $0.00000005448, down more than 56%. LADYS has already lost 92% of its value for the week, but the intrinsic benefits are still present.
Meme coins and whale impact
Over the past few months, the meme coin revolution has developed significantly, with PEPE and LADYS dominating the conversation. Even if these meme currencies have seen rapid growth in the short time since their public releases, the influence of market whales or coin holders with very big holdings cannot be disregarded on their development.
Notably, whales control a sizeable amount of the assets’ supply, and while there are plenty of whales in every digital currency, those associated with meme coins can have a more obvious influence because to the assets’ comparatively lower market value.
Retail traders are being urged to exercise cautious since these whales have a history of manipulating markets early on.
