Whale investors in the Milady meme token made a profit of $20 million

The total unrealized profit of the ten largest holders of the Milady (LADYS) mem-token, created on the basis of the NFT collection of the same name, reached $20 million.

According to Lookonchain experts, 180 trillion LADYS are concentrated on whale addresses, which is 20.3% of the total coin supply. 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, which caused a coin dump.

According to on-chain data, the top three holders have already been blacklisted. One of them was also blocked by the issuer of the meme-coin Pepe (PEPE). Experts suggested that the banned addresses are suspected of insider trading.

“Liquidity [LADYS] worth about $3 million distributed 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, ”The Block experts said.

The Milady token was launched on May 7 on the Ethereum network. The project’s 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 daily trading volume of the coin is $88 million with a total capitalization of $87 million.

At the time of writing, Milady is trading at $0.000000097792, down 29.4% overnight.

Earlier, billionaire Elon Musk provoked the growth of the non-fungible Milady token by posting a picture with a meme on Twitter. After the publication, the trading volume per day increased by 1962%, and the number of sales – by 1297%.

Source: CryptoNewsHerald.com

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