The Market Experiences Another Phenomenon
Just like the major shift seen with Dogecoin and Shiba Inu in 2021, another large development has taken place in the marketplace. This occurrence was catalyzed by none other than billionaire Elon Musk – a long-term supporter of meme coins.
Following Musk’s tweet about the Milady NFT, a new meme coin called Ladys erupted into the crypto market. While PEPE had seen an impressive rally, the performance of Ladys was even more remarkable.
It appears that the influence of Elon Musk’s tweet has seen dramatic results, as the Ladys token has experienced a surge to reach a market cap of $150 million on its first day. An impressive volume of $100 million and 10,000 holders reveals how much potential this meme coin holds. This is indicative of its massive growth since entering the crypto market.
Although its price has since adjusted, causing a decrease in its market cap, $112 million is still an impressive figure for this coin when considering it began its journey with a market cap of less than $100,000. This tremendous growth caused by Elon Musk has led to considerable speculation among crypto enthusiasts on Twitter that it might develop into another SHIB.
Mini-Meme Coins Faltering As PEPE Retraces
The mini-meme coin market enjoyed an unprecedented surge over the past month, with PEPE at the center of it all. Unfortunately, this trend is now reversing as PEPE has dropped more than 50% since its record peak value. Subsequently, other coins created to capitalize on the hype have been hit hard too.
Over the last week, PEPE’s market capitalization has experienced a dramatic drop to $600 million following its addition to Binance. In spite of this downward trend, bullish investors have been encouraged by the significant trading volumes seen during this time.
Within the crypto market, meme coins like Dogecoin and Shiba Inu are seeing negative changes. Over the past week, both have been trading in the red, leading to a 1.5% decrease in the total meme coin market cap which is currently at $17.5 billion.
