Milady meme-token top holders hold $20m in unrealized gains

The total unrealized gains of the ten largest holders of the Milady meme-token (LADYS), created based on the eponymous NFT collection, reached $20 million.

1/ Here are the top 10 holders of $LADYS(excluding exchanges and contract addresses).

They hold 180T $LADYS, 20.3% of the total supply.

The top 3 holders were added to the blacklist.

And DWF Labs holds 30.7T $LADYS, 3.5% of the total supply. pic.twitter.com/K95k0A6npW

— Lookonchain (@lookonchain) May 15, 2023

According to Lookonchain analysts, the whale addresses hold 180T LADYS — 20.3% of the total supply. 30.7T LADYS are held by two wallets belonging to the market maker DWF Labs.

Subsequently, the firm sent 2.2T Milady to exchanges, triggering a dump in the coin.

4/ 2 addresses of DWF Labs hold a total of 30.7T $LADYS($4.5M)

And DWF Labs «0xd4b6» transferred 2.2T $LADYS to exchanges at the highest price point. @ag_dwf states this is for market making. pic.twitter.com/ciyHPgTjxu

— Lookonchain (@lookonchain) May 15, 2023

On-chain data indicate that the three largest holders have already been blacklisted. One of them was also blocked by the issuer of the meme coin Pepe (PEPE). Analysts suggested that the blacklisted addresses were involved in insider trading.

“Liquidity of LADYS worth about $3 million is distributed across Uniswap v2 and v3. If whales want to close their position, they must either accept significant slippage, or gradually sell their assets,” said The Block’s experts.

The Milady token was launched on May 7 on the Ethereum network. The project’s site Project site says that the digital asset has no intrinsic value and was created solely for entertainment purposes.

Despite the warning, traders remained interested in the meme token. According to CoinGecko, the coin’s 24-hour trading volume is $88 million with a market cap of $87 million.

As of writing, Milady trades at $0.000000097792, down 29.4% over the last 24 hours.

Earlier, billionaire Elon Musk triggered a rally in the Milady non-fungible token by posting a meme image on Twitter. After the post, daily trading volume surged by 1,962%, and the number of sales by 1,297%.

As reported by Scimitar Capital, PEPE token holders realized $160 million in profits. The bulk of the gains came from users who bought the asset in its first week after launch.