Milady [LADYS]: From memes to millions, but for how long?
- Milady was the most traded NFT collection in the market at press time.
- LADYS might experience a price reversal as buyers’ exhaustion lingers in the market.
Following a significant surge in its trading volume in the past few days, Milady [LADYS] has emerged as the most traded NFT collection in the market, according to data from on-chain analytics platform IntoTheBlock.
Milady is currently the most traded NFT collection#Milady #NFTs https://t.co/wXJyMCmRBD pic.twitter.com/3DU13YuJKM
— IntoTheBlock (@intotheblock) May 12, 2023
How much are 1,10,100 LADYS worth today?
The recent uptick in trading volume for Milady NFTs can be attributed to various factors, notably a tweet from Elon Musk that featured a Milady meme. The tweet generated significant hype around the NFT collection, leading to an increase in demand.
— Elon Musk (@elonmusk) May 10, 2023
A few hours following Musk’s tweet, the floor price for the NFT collection rallied by over 95%, per data from Coingecko. However, this trended downwards in the past few days to trade at 4.35000 ETH per Milady NFT at press time.
According to data from CryptoSlam, with a sales volume of $10.75 million recorded in the last week, the Milady NFT collection logged a 150% growth in sales in the last seven days.
During that period, buyers and sellers conducted over 1000 NFT sales transactions, leading to a 72% jump in sales count for the NFT collection.
While Milady’s increased trading volume placed it as the most traded NFT collection in the market, the volatile nature of the NFT market has led to a decline in the collection’s daily sales volume since 10 May.
Data from CryptoSlam revealed a 92% decline since then. As of 12 May, the collection’s sales volume totaled $557,176 from the $7.33 million registered on the day of Musk’s tweet.
LADYS rally could be short-lived
LADYS, the meme coin associated with the Milady NFT collection, saw its value jump by over 300% following Musk’s tweet.
Elon Musk posted a picture related to @miladymemecoin, the price of $LADYS skyrocketed by more than 3000%!
DWF Labs might know something, he bought 15T $LADYS with 13.53 $ETH($25K) 1 day ago.https://t.co/x7iEMdFMrw pic.twitter.com/mj2N3cQtky
— Lookonchain (@lookonchain) May 10, 2023
In fact, 24 hours later, the alt still traded at a high of $0.0000001728.
However, data from CoinMarketCap revealed a decline in price since then. Exchanging hands at $0.00000006827 at press time, the token’s value has since declined by 60%.
Realistic or not, here’s LADYS’ market cap in BTC terms
In the past 24 hours, LADYS value jumped by 24%. However, during the same period, its trading volume dropped by 65%.
This price/volume divergence indicated the presence of exhaustion amongst the buyers in the market, and a price reversal often follows the same.