Milady (LADYS), a self-organized memecoin inspired by a namesake anime avatar NFT collection, saw a massive surge in value on May 11, reaching a trading price of $0.0000001528 after increasing by over 5,250% within a day.

The coin’s popularity exploded after American business magnate Elon Musk tweeted a meme using the imagery of a Milady NFT, driving up the average sale price of the collection’s Ether (ETH).

Despite the token’s success, the developers of LADYS have stated that the coin has “no association” with Milady creator Charlotte Fang or Milady Maker, and that it is merely a tribute to a well-loved NFT collection. LADYS is a meme coin with no intrinsic value or financial return, and is purely for entertainment purposes only.

Despite this, LADYS has attracted significant investment, with its total diluted market capitalization surpassing $140 million at the time of writing, with a 24-hour trading volume of $230 million.

The total supply of LADYS is 888 trillion, with 94% of tokens sent to the liquidity pool, with LP tokens burned, and the contract renounced.

Until recently, LADYS was only available on the decentralized exchange Uniswap. However, its popularity has grown considerably following its listing on multiple major cryptocurrency exchanges on May 11.

Some exchanges, such as Bybit, have offered prize pools to incentivize deposits. Others, like Bitget, have supported LADYS’ meme nature in their listing decision.