Over 31% of the value of Milady Meme Coin (LADYS) was wiped out early today. The price drop has been linked to big LADYS transfers from addresses on the “suspicious wallets” list, as noted by Lookonchain, which monitors “Smart Money” wallets. 

The insider tweeted that 86 wallets have sent a combined 90 trillion LADYS to various cryptocurrency exchanges:

The meme coin’s value dropped by 30 percent shortly after these trillions of LADYS were deposited. These purses still hold the equivalent of $15 million, or 131 trillion LADYS. Those who own or intend to purchase LADYS are cautioned by Lookonchain to be wary of these wallets, which have been added to a list of dubious addresses.

The same data aggregator tweeted again that a large wallet had moved over twelve trillion of the meme above coins to an exchange. 15.1 trillion LADYS, worth $2.1 million, were sent from a wallet associated with global big market maker DWF Labs to four major crypto exchanges: MEXC, Huobi, Bybit, and Gate.io.

The tweet claimed that more than $2 million would be made if these coins are sold. However, just today, a DWF Labs representative contacted Lookonchain and said the wallet belonged to one of their partners. The coins were withdrawn from the markets after failing to generate any sales.

Lookonchain provided the details regarding the transactions via his Twitter thread: 

In the wake of the Pepe meme coin’s arrival on the cryptocurrency market, Milady Meme Coin has also made its debut. In April, an anonymous team of developers launched PEPE, a meme cryptocurrency inspired by the popular Pepe the Frog memes. This move came after the success of other leading meme cryptocurrencies such as Dogecoin and Shiba Inu.