The total unrealized profit of the ten largest holders of the meme-token Milady (LADYS), created on the basis of the NFT-collection of the same name, reached $20 million.
According to Lookonchain experts, 180 trillion LADYS – 20.3% of all coin issuance – are concentrated in whale addresses. 30.7 trillion tokens are held by two wallets owned by market maker DWF Labs.
The company later sent 2.2 trillion Milady to exchanges, causing the coin to dump.
According to onchain data, three of the largest holders have already been added to the blacklist. One of them was also blocked by meme-coin issuer Pepe (PEPE). Experts suggested that the banned addresses were suspected of insider trading.
“The [LADYS] liquidity of about $3 million is spread across Uniswap v2 and v3. If the whales want to close their position, they must either take into account the huge slippage, or they will need to gradually sell their assets,” experts told The Block.
The Milady token was launched on May 7 on the Ethereum network. The project website states that the digital asset “has no intrinsic value” and was created “solely for entertainment purposes.”
Despite the warning, traders were still interested in the meme token. According to CoinGecko, the coin has a daily trading volume of $88 million for a total capitalization of $87 million.
As of this writing, Milady is trading at $0.000000097792, down 29.4% overnight.
Earlier, billionaire Elon Musk provoked the growth of the non-reciprocal Milady token by posting a picture of a meme on Twitter. After the publication, the trading volume increased by 1,962% and the number of sales by 1,297% within a day.