Top holders of LADYs meme cryptocurrencies are sitting on unrealized profits worth millions of dollars.
Prices of our trending Milady Non-Fungible Token (NFT) collection have retracted profits from the past weeks as holders likely took profits on a move influenced by an Elon Musk (Tesla & SpaceX CEO) tweet.
Earlier in May, the Milady collection spiked after receiving acknowledgment from Twitter owner Musk who tweeted a image of a Milady avatar with the words “ There is no Meme Coin, I love you” overlaid on the image. Each Non-Fungible Token (NFT) traded for 3.4 ether at the time.
That instantly prices surged as much as 200%, each Milady fetching $13,700 worth of ether (ETH) at the peak. Elsewhere, an unrelated LADYS crypto token spiked thousands of percent, reaching a market cap of over $120 million.
All profits have since reversed, as the Non-Fungible Token (NFT) collection is now back at prices before Musk’s tweet, data from OpenSea analytics shows, dropping to as low as 3.2 ether per Non-Fungible Token (NFT) on Thursday.
This is similar to the price action seen in Dogecoin (DOGE) (DOGE) – which enjoys Musk’s support – which typically spikes whenever it is mentioned by the entrepreneur. These jumps are short-lived, on the other hand, as traders and automated bots pile on the crypto tokens mentioned by Musk following his Twitter comments only to sell for a handsome profit days afterward.
This is typically seen in price charts as a short-term spike and a gradual sell-off.