PEPE Rival This Meme Coin Hits Hard – Here’s The Reason For The Drop!

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Alongside successful cryptocurrencies, a phenomenon called “meme coins” has emerged recently. These cryptocurrencies caught the attention of many with the hope of getting rich quick and social media interaction. Many hoped that the value of these coins would rise suddenly, making huge profits. However, the fall of these coins was just as remarkable as their rise.

With the new data from on-chain transactions, the uncertainty surrounding meme coins is getting even more frightening. Crypto data provider lookonchain Nine addresses transferred a total of 26 trillion LADYS worth approximately $3.7 million to different exchanges.

According to the screenshot of the shared chart, the price of LADYS dropped after each transfer. This meme coin surfaced recently and gained massive popularity in a tweet shared by Elon Musk earlier this week.

LADYS is now experiencing a price drop after its latest rise thanks to great interest. The coin is trading at $0.00000006139, depreciating more than 64% at press time.

Meme coins and the whale effect

The meme coin revolution has grown at a remarkable rate in the last few months with PEPE and LADYS coming to the fore. While these cryptocurrencies record significant growth strides in short periods of time, the impact of whales on their growth cannot be ignored. Whales control a significant portion of the supply of these assets.

It would not be wrong to say that whales have the power to manipulate prices by making large transactions in meme coins. Especially with low liquidity cryptocurrencies, it is possible for whales to influence the market with large buy or sell orders. Such moves can affect other investors and lead to price fluctuations. Therefore, when investing in these coins, it is important to consider the whale effect and follow the market movements.

You can follow the current price action here.


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