Milady Meme Coin (LADYS) soared more than 300% in March of this year, hitting a new all-time high on Wednesday. It currently ranks in the top 15 largest meme coins by market capitalization.
LADYS has a market capitalization of over $44 million, ranking 293rd among cryptocurrencies.
According to our analysis, LADYS rose another 86%
This surge pushed the token into a price discovery phase. This means past price action no longer dictates future resistance.
However, analysts employ Fibonacci retracement levels from historical highs to troughs to predict possible resistance. There is significant resistance at the important 1.272 Fibonacci level at $0.0000006416. Interestingly, LADYS could rise another 86% before encountering this resistance.
Read more: 7 hot meme coins and altcoins that will be trending in 2024
Additionally, there are frequent stories about the success of meme coins.For example, trader turned around A $4 investment in the Solana-based meme coin BALLZ would result in $63,400.
Nevertheless, the meme coin market also has its detractors. There is growing concern about the legitimacy of certain tokens such as BALLZ. Some users of Platform
These influencers have been accused of promoting questionable tokens and are under intense scrutiny. Cryptocurrency trader Vasu claims to be manipulating the market by dumping tokens at unsuspecting buyers. It is also said that they are increasing the popularity of the token's appearance through bot purchases.
“All those who are shilling this coin are scammers. Stay safe and block them immediately,” Vas said. I have written.
Amid this controversy, another large meme coin, Shiba Inu (SHIB), remains nearly 30% below its recent high.
Despite the instability, success stories abound. According to on-chain analytics platform Spot On Chain, smart traders have made huge profits by trading Shiba Inu tokens strategically.
Initially, they invested 15.2 trillion SHIB with 10 Ethereum (ETH). They then took advantage of the peak price and deposited large sums of money on the exchange.
Read more: Dogecoin (DOGE) and Shiba Inu (SHIB): What’s the difference?
At the time of writing, this trader still holds 2.6 trillion SHIB, representing a profit of approximately 445%.
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