DWF Labs, a global digital asset market maker and investment firm, is buying more LADYS, on-chain data on May 17 shows.
DWF Labs Buying LADYS
Trackers indicate that the market maker bought 1.9 trillion LADYS for 108 ETH worth roughly $196,000 at the time of the purchase.
These purchases were made on Uniswap v3, a decentralized exchange allowing for trustless token swapping on several blockchains.
While DWF Labs’ purchase could be worth watching, it is not immediately clear why they are buying the meme token that its creators say will be the “quintessential token for internet spirituality” in the days ahead.
There are concerns that the market marker is trying the pump LADYS so that they can liquidate and profit later. On the other hand, DWF Labs could be genuinely interested in the project and want to speculate, riding on the meme culture that has gripped the cryptocurrency markets in recent weeks.
LADYS is a meme coin that was created by the Milady creator, an NFT project on the Ethereum blockchain. Milady’s creator says the LADYS is a meme token with zero utility but is “self-organized” and a “drip currency.”
There is also a disclaimer that the project has “no association with Charlotte Fang or her creation Milady Maker” but is simply “paying homage to an NFT collection we all love and recognize.”
Meme Coin Activity Is Falling
Considering the recent success of meme tokens like PEPE, LADYS has been flying higher, drawing attention despite the token’s lack of intrinsic utility.
Even so, CoinMarketCap data on May 18 shows that LADYS has been cooling off in recent days, despite its overall market capitalization remaining decent at $69,219,733. With this, the token is ranked 324th in the market cap leaderboard.
Part of this high market cap could be because the token is listed in some centralized exchanges besides Uniswap, where it is actively traded. CoinMarketCap data shows that LADYS actively trades on MEX and Gate.io, two popular periphery cryptocurrency exchanges.
Following the listing on these centralized exchanges, the meme token’s trading activity appears to have contracted in Uniswap.
However, Etherscan data shows that 16,045 LADYS holders have generated over 123,000 transfers since launch.
Still, there is a concern about the number of on-chain transfers over the past trading week. For instance, on-chain transfers peaked on May 11 at 40,247 before crashing to 4,708 on May 17.
Notably, during this time, LADYS prices crashed 68% from May 11 highs of $0.0000002985 to $0.0000000922 on May 17.
Feature Image From Canva, Chart From TradingView