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The current events in the digital currency ecosystem has been forcing a number of market whales to break their dormancy in order to get in on the action. According to new on-chain insights from crypto analytics platform, Lookonchain, an address that has been dormant for about 12 months has suddenly reawakened.
The first action carried out by the address was to withdraw the sum of 375,000 USDT from Binance, the world’s largest digital currency trading platform. This withdrawal was plowed into the acquisition of Milady Meme Coin (LADYS), one of the fastest growing memecoin that made its emergence into the industry a few weeks ago.
According to the Lookonchain insight, the whale has acquired a total of 3.26 trillion LADYS tokens in the past 5 hours at an average price of $0.0000001151.
An address that has been dormant for a year withdrew 375K $USDT from #Binance and bought 3.26T $LADYS in the past 5 hours.
The average buying price is $0.0000001151.https://t.co/R6CZAd9MF6 pic.twitter.com/BzjpCHEawQ
— Lookonchain (@lookonchain) May 14, 2023
The actions from the market whale has spurred a lot of reactions from the market with many saying the action can be likened to FOMO, an acronym used in the industry which means the Fear of Missing Out.
LADYS took the center stage as a token worth placing on one’s watchlist when Elon Musk shared a tweet that relates to the coin’s lady moniker. The memecoin is now only next to PEPE as one of the most popular assets that has made a grand entry into the industry over the past few weeks.
Whale Affinity for Memecoins
One thing that has stood out in the industry thus far with the memecoin revamp is that market whales are more positively tilted to the fun tokens. As reported several times by Coingape, whale accumulation is not uncommon for some of the popular digital currencies including but not limited to Dogecoin (DOGE) and XRP.
From a popular whale address acquiring 66 billion PEPE tokens in just about 3 days as reported last week to tens of millions of XRP coins being moved onchain by market whales, the presence of these huge capital owners has remained a crucial point in determining the price push of these tokens.
Whether or not active or dormant addresses taking a position in any one coin, whale influence is significant and they can impact price direction. At the time of writing, LADYS is changing hands at a price of $0.0000001039, up by 18.48% over the past 24 hours.
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