One of the main investors of Milady Meme Coin (LADYS) is reportedly moving towards a sell-off, which might spell difficulties for the ecosystem that supports the cryptocurrency. Data from Lookonchain shows that DWF Labs, a startup that has previously been named as a significant meme currency whale, deposited 100,000 LADYS tokens, each worth around one cent, to an OKX deposit address.
This DWF transfer is probably a practise transaction before placing the LADYS token on the market, according to a speculative statement from the provider of the crypto analytics service. Since exchanges are the main channels via which users prefer to sell off their digital currency holdings, the deposit of the coin on OKX might imply a lot for the digital currency.
Although it’s still unclear whether this is DWF Labs’ primary strategy with regard to its LADYS token holdings, the digital asset’s intrinsic volatility and, in particular, the meme coin niche, have made it more susceptible to a negative shift when taking the prospective sell-off into account.
The spot price of the meme currency is currently $0.0000001421, up 27% in the last 24 hours, in what appears to be a widespread community dismissal of the anticipated consequences of any future sell-off.
Meme coins and whale impact
According to a previous report by U.Today, DWF Labs is the owner of 30.7 trillion LADYS token, or 3.5% of the entire supply of the meme coin.
Holdings of size suggest that DWF Labs can influence perception with any action or course it takes, and with all eyes on its OKX deposit address, the company’s next move has the potential to either halt or accelerate the rise of the meme currency.
Significant whale influence has also been seen by the other leading digital currencies, particularly Dogecoin (DOGE) and Shiba Inu (SHIB).
