PEPE bites the dust as new token Milady Meme Coin LADYS rallies 11,885% overnight

PEPE, the meme coin inspired by “Pepe the frog meme” gained popularity in the crypto community after yielding nearly 615% gains over the past two weeks. A newly launched meme coin Milady (LADYS) rallied 11,885% overnight, and PEPE whales bought the token in large volumes. 

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Milady Meme Coin price rallies 11,885% in a 24-hour period

PEPE’s massive popularity and three-digit gains for holders fueled the “meme coin season” narrative where capital rotates from Bitcoin, Ethereum and mainstream assets into meme tokens. 

PEPE experienced a pullback since its explosive price rally, declining 62% from its May 5 all-time high of $0.00000431. Newly launched meme coin LADYS has replaced PEPE as the token yielding massive gains for holders. 

LADYS hit a peak of $0.00000017 before retracing to $0.00000012 at press time. 

LADYS/WETH 15-minute price chart 

The meme coin garnered mass support after a tweet from Elon Musk. The tweet features a Milady NFT, one of the 10,000 NFTs created in 2021 by digital arts collective Remilia. 

The Milady Meme Coin has no affiliation with the NFTs, however the similarity in the names of the two projects fueled a bullish sentiment among LADYS holders. 

PEPE whales make 35x gains on LADYS

PEPE’s large wallet holder addresses bought LADYS and sold the token at 35 times gains according to on-chain data from crypto intelligence tracker Lookonchain. 

On-chain data of whale transactions

Analysts gathered the on-chain data supporting the purchase of PEPE and LADYS by a whale wallet address that gained 36x on PEPE and 35x on LADYS.

LADYS is a relatively new meme coin and the project is not listed on centralized crypto exchanges yet. Binance CEO Changpeng Zhao (CZ) has previously warned traders regarding the risks associated with new meme coin projects with relatively small market capitalization.