Musk-Spurred Milady Meme Coin Rally Fizzles —7000% Surge Turns Into A Whimper

Milady Meme Coin (LADYS) saw a meteoric rise of over 7,000% on Thursday, only to crash down by 55% in the last 24 hours.

What Happened: The surge was fuelled by a tweet from Twitter Chief Elon Musk that featured a character from the Milady Maker NFT project and the caption “there is no meme, I love you”. 

With a reach of almost 31.56 million people, the tweet quickly went viral, amassing over 243,800 likes and more than 24,100 retweets.

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Why It Matters: As of this writing, LADYS is trading at $0.00000005783, a significant drop from its high levels of $0.00000017.

It’s important to note that Milady Meme Coin and the Milady NFT Project are not affiliated or associated with each other.

The frenzy around meme coins continues to grow, with Pepe Coin PEPE/USD launching just two weeks ago and already making it to the top 100 largest cryptocurrencies.

Musk has supported meme coins in the past. He has tweeted about Dogecoin DOGE/USD , which went rallying in 2021.

Read More: Bitcoin, Ethereum, Dogecoin Drop Despite Mildly Upbeat Jobs Report, Price Data: Analyst Sees Elon Musk Stepping Down As Twitter CEO ‘Bad News’ For DOGE