On May 11, the cryptocurrency world witnessed a massive surge in the value of Milady (LADYS) – a self-organized memecoin.
The surge came after American business magnate, Elon Musk, tweeted a meme featuring a Milady non-fungible token (NFT). Milady is the namesake anime avatar NFT collection that has been gaining popularity in recent times.
The surge in the value of Milady was a whopping 5,250% within 24 hours, and it was trading at $0.0000001528 at the time of publication.
While the token developers clarified that LADYS has no association with Milady creator Charlotte Fang or Milady Maker, the token pays homage to the NFT collection that is loved and recognized by many.
LADYS is a meme coin that has no intrinsic value or expectation of financial return, and it’s purely for entertainment purposes only. However, investors have found LADYS to be more than just a meme. Its total diluted market capitalization surged past $140 million with a 24-hour trading volume of $230 million.
According to the token’s website, the total supply of LADYS is 888 trillion, with 94% of the tokens sent to the liquidity pool (LP).
LP tokens were burnt, and the contract is renounced. Until earlier this week, LADYS was only available on the decentralized exchange Uniswap. However, the token has gained massive popularity after multiple major cryptocurrency exchanges listed it on May 11.
Exchanges such as Bybit even offered LADYS prize pools to incentivize deposits, while others like Bitget remained true to LADYS’ meme nature in supporting its listing decision.
Bitget described LADYS as “the tokenization of the fully memetically optimized white pill,” “a self-organized meme coin,” “the drip currency,” “the points for karma, charm and beauty,” and “the accumulation of clout.”