DWF Labs, a global digital asset market maker and investment firm, bought more LADYS, on-chain data in May 17 shows.
DWF Labs Buy LADYS
Trackers define that market maker bought 1.9 trillion LADYS for 108 ETH which was worth almost $196,000 at the time of purchase.
These purchases are made on Uniswap v3, a decentralized exchange that allows trustless token swapping across multiple blockchains.
While the purchase of DWF Labs may look worthwhile, it is not immediately clear why they are buying the meme token that its creators say will be the “quintessential token for internet spirituality” in the coming days.
There are concerns that the market marker is trying to pump LADYS so they can liquidate and make a profit later. On the other hand, DWF Labs may be really interested in the project and want to speculate, riding the meme culture that has gripped the cryptocurrency markets in recent weeks.
LADYS is a meme coin created by the Milady creator, an NFT project on the Ethereum blockchain. Milady’s maker States LADYS is a meme token that has no use but is “self-organized” and “drip currency.”
There is also a disclaimer that the project has “no association with Charlotte Fang or her creation Milady Maker” but simply “pays homage to a NFT collection that we all love and recognize.”
The Meme Coin Activity Has Fallen
Considering the recent success of meme tokens like PEPE, LADYS has flown even higher, attracting attention despite the token’s lack of intrinsic utility.
However, CoinMarketCap DATA on May 18 shows that LADYS has cooled down in recent days, although its total market capitalization remains decent at $69,219,733. With this, the token is ranked 324th on the market cap leaderboard.
Part of this high market cap may be because the token is listed on several centralized exchanges other than Uniswap, where it is actively traded. CoinMarketCap data SHOWS that LADYS actively trades with MEX and Gate.io, two popular periphery cryptocurrency exchanges.
After listing on these centralized exchanges, the meme token trading activity seems to have contracted to Uniswap.
However, the Etherscan data SHOWS that 16,045 LADYS holders have generated over 123,000 transfers since launch.
However, there was concern about the volume of on-chain transfers in the last trading week. For example, on-chain transfers peaked on May 11 at 40,247 before crashing to 4,708 on May 17.
Notably, during this period, LADYS prices fell by 68% from the May 11 high of $0.0000002985 to $0.0000000922 on May 17.
Feature Image From Canva, Chart From TradingView