This Meme Coin Skyrocketed by 300% in March: What’s Next?
Milady Meme Coin (LADYS) has surged by over 300% this March, setting a new all-time high on Wednesday. Now, it ranks among the top 15 largest meme coins by market capitalization.
With a market cap exceeding $44 million, LADYS finds itself in 293rd place among cryptocurrencies.
Analysis Suggests Further 86% LADYS Rally
This surge has catapulted the token into a price discovery phase. This means past price actions no longer dictate future resistance.
However, analysts employ Fibonacci Retracement levels from previous all-time highs to the bottom to predict possible resistances. There is a significant resistance at $0.0000006416, a key 1.272 Fibonacci level. Interestingly, LADYS could potentially climb another 86% before encountering this resistance.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Moreover, there are frequent stories about meme coin successes. For instance, a trader turned a $4 investment in the Solana-based meme coin BALLZ into $63,400.
Nevertheless, the meme coin market also has its critics. Concerns over the legitimacy of certain tokens, such as BALLZ, are growing. Some users on platform X have labeled it a “new scam,” pointing to deceptive practices by some influencers.
These influencers, accused of promoting dubious tokens, are under scrutiny. Crypto trader Vasu claims they manipulate the market by dumping tokens on unsuspecting buyers. Additionally, they’re alleged to boost a token’s appearance of popularity through bot purchases.
“Those who are shilling this coin are all scammers. Stay safe and block them immediately,” Vasu wrote.
Amid these controversies, Shiba Inu (SHIB), another large meme coin, remains nearly 30% below its recent high.
Despite the volatility, success stories abound. According to the on-chain analysis platform Spot On Chain, a smart trader made a significant profit by strategically trading Shiba Inu tokens.
Initially, they invested in 15.2 trillion SHIB with 10 Ethereum (ETH). Later, they capitalized on peak prices to deposit large sums to exchanges.
Read more: Dogecoin (DOGE) vs Shiba Inu (SHIB): What’s the Difference?
As of writing, the trader still holds 2.6 trillion SHIB with an approximate profit of 445%.
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