PEPE traders have reportedly started to divert their attention towards a new meme coin that is speculated to be associated with the CEO of Twitter, Elon Musk. As per a tweet from blockchain analytics website Lookonchain today, this unexpected focus transition has been confirmed. The meme coin that is now catching PEPE traders’ interest is Milady Meme Coin (LADYS).
PEPE Investors Swap Positions For Trending Memecoin Ladys
Lookonchain’s tweet revealed that certain addresses had traded their $PEPE positions for $LADYS. Some investors have invested substantial money in purchasing the popular meme coin. One address bought $101,000 worth of 292 billion PEPE with 54 Ethereum (ETH). Later, they sold their PEPE holdings for ETH 288, worth $532,000, resulting in a profit.
Elon Musk’s “Lady” Tweet Sparks $1.18m Investment In Memecoin Lady
After LADY was introduced, the identical address bought an enormous amount of 7.5 trillion tokens, valued at roughly $1.18 million based on the current price. The token’s market value is $0.0000001461, which has experienced a surge of over 10,000% in the previous 24 hours.
A slight association between Musk and the meme coin exists, particularly due to his sharing of a cartoon image of a lady-like character on Wednesday with the phrase, “There is no meme. I love you.” Concurrently, Lookonchain confirmed that an account was established one hour before the Tesla CEO posted the image.
An address withdrew 25 ETH from Binance and purchased 8 trillion LADY at $0.000000005652, and surprisingly, did not make any further purchases after that. Since the meme coin became popular, many other investors have invested their money in the project. Over the past 24 hours, the token has seen more than $138 million in trading volume and has a market cap of over $125 million.
Despite the remarkable surge of meme coins, certain crypto supporters remain doubtful about the consequences of the trend. A few days ago, Chris Blec, a crypto enthusiast, expressed his concerns regarding the potential negative effects of such meme coins, citing PEPE as an example, in a tweet.
At the time of writing PEPE is trading at $0.000002, and there has been a trading volume of $506,010,549 over the past 24 hours. PEPE’s value has decreased by 16.18% during this time. Pepe is ranked #66 on CoinMarketCap, with a market capitalization of $632,642,325.
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