In May 2023, Milady Meme Coin (LADYS) suddenly exploded after Elon Musk posted a meme related to the Milady NFT collection, causing the entire NFT series to surge in value and triggering a wave of speculative interest that spilled over into LADYS. Shortly after, the token recorded a massive price increase of nearly 11,700% in a very short period, placing it among the top-performing meme coins on the market at that time.

Whales were holding a large portion of the total token supply, and the market also saw the involvement of funds and market makers such as DWF Labs providing liquidity on exchanges. Listings on major platforms like Bybit, MEXC, Gate.io, and Bitget further boosted trading activity and drew significant attention to LADYS during its pump phase.