Popular blockchain analysis Twitter handle @Lookonchain recently uncovered a mysterious cryptocurrency wallet created an hour before Elon Musk’s Milady Maker tweet recorded a massive 2,300% profit on the meme coin.
According to the expose, the address moved 25 Ethereum coins ($ETH) from Binance and purchased 8 trillion $LADYS tokens at $0.000000005652 just before the Elon Musk tweet. So far, the meme coin’s price has plunged dramatically, recording an early 23x profit margin for the whale.
$LADYS holders warned
Apart from the mysterious wallet, Lookonchain investigated similar activities concerning $LADYS and discovered other suspicious movements. In a series of tweets, the Twitter handle unveiled 42 addresses collectively holding $19 million worth of $LADYS, constituting a staggering 23% of the entire supply.
All 42 addresses received Ethereum from KuCoin simultaneously and spent it all on $LADYS tokens on the same day. The fact that the coin’s creator received a gas fee as ETH from KuCoin on the same day led credence to fears that the revelation might be an elaborate scheme to pump the coin’s price artificially.
While Musk’s tweet is not exactly an endorsement of the project, it can potentially spur many crypto enthusiasts to amass the coin with hopes of securing massive profits. However, it’s essential to remain vigilant as new information comes to light to avoid buying into a project doomed to fail.
Crypto.com lists $LADYS
Two days after Elon Musk’s tweet about the sister NFT project, popular Singaporean crypto exchange Crypto.com announces it’s listing $LADYS on its platform. Historically, getting listed on platforms like Crypto.com lends some legitimacy to crypto projects and further drives up their price.
This isn’t the first time an anonymous wallet will jump on a meme coin project at the right time. An investor recently bought 0.125 ETH worth of PEPE and turned it into $1.14 million in days after a series of events and tweets increased the price dramatically.