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Milady NFTs Get Dogecoin Treatment as Prices Retrace Days After Elon Musk Tweet
Top holders of LADYs meme coins are sitting on unrealized profits worth millions of dollars.
Prices of the popular Milady NFT collection have retracted gains from the past weeks as holders likely took profits on a move influenced by an Elon Musk tweet.
Earlier in May, the Milady collection spiked after receiving acknowledgment from Twitter owner Musk who tweeted a picture of a Milady avatar with the words “There is no meme, I love you” overlaid on the picture. Each NFT traded for 3.4 ether at the time.
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— Elon Musk (@elonmusk) May 10, 2023
That immediately prices surged as much as 200%, each Milady fetching $13,700 worth of ether at the peak. Elsewhere, an unrelated LADYS token spiked thousands of percent, reaching a market capitalization of over $120 million.
All gains have since reversed, as the NFT collection is now back at prices before Musk’s tweet, data from OpenSea analytics shows, dropping to as low as 3.2 ether per NFT on Thursday.
This is similar to the price action seen in – which enjoys Musk’s support – which typically spikes whenever it is mentioned by the entrepreneur. These jumps are short-lived, however, as traders and automated bots pile on the tokens mentioned by Musk following his Twitter comments only to sell for a handsome profit days afterward.
This is typically seen in price charts as a short-term spike and a gradual sell-off.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
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