The Milady meme is the most recent example, but it is not the first time that Musk has used Twitter to drive up the price of digital assets.
- From a low of 3.75 ETH ($6,920) to a high of 5.70 ETH ($10,371) was the after-effect.
- The trading volume of Milady NFTs had surged by a factor of 500%.
On Wednesday, Elon Musk tweeted a meme featuring the instantly familiar figure from the NFT collection with the words “There is no meme, I love you.” Many Milady NFT holders found this to be amusing. As a result, the base price of the digital collectable on the OpenSea marketplace reached unprecedented heights.
From a low of 3.75 ETH ($6,920) to a high of 5.70 ETH ($10,371), the collection’s entry-level price skyrocketed on crypto markets, as shown by data from the primary NFT marketplace. Information collected as of Wednesday afternoon indicated that the trading volume of Milady NFTs had surged by a factor of 500% during the previous twenty-four hours, and that the floor price had jumped by over half.
Not the First Time For Musk
The Milady meme is the most recent example, but it is not the first time that Musk has used Twitter to drive up the price of digital assets. After Musk modified the Twitter logo to include the Doge icon, the price of Dogecoin increased over the preceding month. Musk has been quite vocal about his admiration for DOGE and has often driven prices with his unique ways of supporting the meme coin.
Multiple recent scandals have surrounded the Milady NFT collection. After Charlotte Fang, the creator of Milady Maker, revealed in May 2022 that she had used a fake Twitter account to send racist and nasty tweets, the price of NFTs plummeted.
About 9,823 NFTs with features like those of young children and wide, anime-style eyes are classified as Miladys, a subset of the profile-pic (PFP) NFT collection.