We witness stories of getting rich in a short time from meme coin investments in the crypto money market. However, these stories are never one-sided. It is also possible to lose wealth in a short time.
Meme coin investments don’t always pay off!
On-chain data tracker Lookonchain shared that a trader who invested in LADYS, the much talked-about meme coin of recent days, lost serious money in a short time. Accordingly, the trader bought 2 trillion units of the token in question. In return, he paid 174 ETH, that is, about 321 thousand dollars. However, the unfortunate trader was able to sell his tokens for only 73.5 ETH, or 130 thousand dollars, after the price dropped. Thus, the trader lost about $19,000 from these transactions. In this regard, Lookonchain shared the following:
Buying meme coins is risky. Keep your money safe! This guy lost 100 ETH ($190k) on LADYS. He pulled 174 ETH ($321,000) from http://Gate.io and bought 2 trillion LADYS for $0.0000001504. It then sold for 73.5 ETH ($130,000) at just $0.00000006142.
cryptocoin.comAs you follow, the aforementioned meme coin LADYS recorded a record increase in a short time. The price of meme coin also saw a decrease when the semi-makers watching the exit time started to take profits. Accordingly, LADYS lost nearly 90% of its value after the intense sale. Meanwhile, the meme coin is up 45% on a daily basis at press time.
LADYS is on its way to potential price drop, here’s why
The uncertainty surrounding meme coins becomes more frightening given the new revelations from on-chain transactions. As showcased by crypto market analytics and insights provider Lookonchain, nearly nine addresses have transferred a total of 3.7 trillion LADYS tokens worth approximately $26 million to different exchanges.
According to the screenshot of the shared chart, the price of LADYS dropped after each transfer. Also, this was a trend that prompted the analytics provider to declare that the drop of the token could potentially be predicted. The LADYS token has recently appeared. Earlier this week, it gained massive popularity when Elon Musk tweeted about the female meme, raising the asset’s price by more than 12,000%. This increase was linked to some accounts that purchased the token just before the Elon Musk tweet went live. LADYS is currently on a massive price drop, which seems to be cooling off the hype that had surrounded it before. At the time of this writing, meme coin is down more than 87% on a weekly basis.
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