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Investing.com – Despite the crypto market’s sharp declines over the past few hours, one small cryptocurrency has surprisingly surged after a single tweet from the world’s second richest man, Elon Musk.
The Milady cryptocurrency has soared in value over the past few hours in the wake of billionaire Elon Musk’s tweet with a picture of the non-fungible token of the same name.
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Skyrocketing in moments
The value of the AD currency rose by more than 5250% over the course of 24 hours, following Musk’s tweet, to reach the price of $0.000000152, yesterday, Thursday, and following the issuance of Musk’s tweet.
According to the developers of the coin, also codenamed “Ladies”, it has no affiliation with the developer of the non-fungible token of the same name, and they say it is just a “meme” coin and has no intrinsic value or expectation of financial return.
Notably, there is no official team or roadmap for the coin, which they describe as “completely useless and developed for entertainment purposes only” and is self-regulating.
Mask effect
Musk’s tweets have proven to cause huge jumps in the digital tokens he mentions, such as the more popular Dogecoin (DOGE). In a tweet in May 2021, Musk stated that he was working with developers to improve the efficiency of the system, which resulted in a 22% increase in tokens immediately.
In December 2021, Dogecoin rose 33% when Musk said electric car maker Tesla (NASDAQ:) would accept the token in exchange for its goods.
However, these jumps are short-lived, as automated traders and bots pile on the tokens Musk mentioned after his Twitter comments only to sell for handsome days of profit afterwards. This is usually seen on price charts as a short-term rally and gradual sell-off.
Milady NFTs could see the same trading action in the coming days. Prices have already corrected 7% compared to Thursday despite high volumes – which means that the sell-off may already be in progress.
However, the total market capitalization of the coin rose to over $140 million with a 24-hour trading volume of $230 million, with a total supply of 888 trillion units.
--market now
The combined market value of the crypto market during these moments of today’s trading is about $1.1 trillion. The trading volume amounted to about 42.26 billion dollars.
It fell by 4.4% during the last 24 hours, to now reach levels of $26,294, while recording weekly losses of 9.6%. Its market value is now $510 billion.
And “”, which is the largest digital currency in terms of market value after Bitcoin, fell by about 4% during the last 24 hours, to reach $ 1757, with weekly losses of 7.2%, and a market value of about 216 billion.
While the price of Binance Coin decreased by 2.5%, to record $303.2. The price of a currency increased by 0.15% from its value, to record $0.42650.
It fell to 0.3609, declining by 0.9%, with a weekly decline of 7.7%.
While it has now decreased by 3% to reach levels of $0.070245, with a weekly decline of 10.6%.
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