PEPE Traders Shifting Focus to New Elon Musk-Linked Memecoin

PEPE investors have now begun to turn to a new meme coin that is rumored to be linked to Twitter Chief Executive Officer (CEO) Elon Musk. Blockchain analytic site Lookonchain confirmed the sudden shift of focus in a tweet this morning. The new token taking the attention of PEPE investors is called Milady Meme Coin (LADYS).

1/ We noticed that some addresses swapped $PEPE positions for $LADYS!👇 pic.twitter.com/4tWTTImf04

— Lookonchain (@lookonchain) May 11, 2023

The first thread of the Lookonchain tweet revealed that it noticed that some addresses swapped $PEPE positions for $LADYS

So far, Lookonchain has discovered that a few investors have plunged in huge funds to buy the new trending memecoin. One address bought 292 billion PEPE with 54 Ethereum (ETH) which was worth $101,000 at the time. He later sold his PEPE holding for 288 ETH, equivalent to $532,000 leaving him with a profit of about $430,000. 

Crypto Addresses Withdraws ETH to Buy LADY 

With the advent of LADY, this same address bought a massive holding of 7.5 trillion worth approximately $1.18 million at the current price. The current market price of the token is $0.0000001461 and within the last 24 hours, it has had more than a 10,000% increase. 

There is a subtle connection between Musk and the memecoin, especially as he shared a picture of a lady-like cartoon character on Wednesday which says “There is no meme. I love you”. At the same time, Lookonchain clarified that an address was created an hour before the electric automobile boss shared the picture.

This particular address withdrew 25 ETH from Binance and bought 8 trillion LADY at $0.000000005652. Surprisingly, the wallet did not make any other purchases after buying LADY. Since the memecoin started making waves, many other investors have started plunging their funds into the venture. In the last 24 hours, the token has already recorded over $138 million in trading volume and a market cap of over $125 million. 

Amidst this outstanding revolution of memecoins, some crypto advocates are still sceptical about the eventualities of the hype. Crypto enthusiast Chris Blec tweeted a few days ago about the possible harm of these memecoins making reference to PEPE. 

“Coins like $PEPE don’t happen by accident. Big money, powerful people & careful planning goes into creating these scams. You’re just a pawn in a much bigger game. And games like this have cost many people their lives. Don’t be a fucking idiot,” he attempted to explain.