Twitter CEO and tech magnate Elon Musk has once again demonstrated his profound influence on the crypto market, this time in favor of the counterculture non-fungible token (NFT) collection, Miladys. Musk shared a meme featuring one of the Miladys avatar NFTs with the caption, “Th...
Twitter CEO and tech magnate Elon Musk has once again demonstrated his profound influence on the crypto market, this time in favor of the counterculture non-fungible token (NFT) collection, Miladys.
Musk shared a meme featuring one of the Miladys avatar NFTs with the caption, “There is no meme, I love you.” This post instantly thrust the NFT collection into the spotlight, propelling its price and popularity to new heights.
— Elon Musk (@elonmusk) May 10, 2023
At the same time, the price of $LADYS, a cryptocurrency associated with the Miladys project, skyrocketed by more than 10000%.
Known for his influential presence in the cryptosphere, Musk’s tweets have been known to sway the fortunes of various digital currencies, and it appears MiladyMemecoin is the latest to experience the ‘Musk Effect.’
A strategic acquisition by DWF Labs
Interestingly, DWF Labs, a prominent player in the cryptocurrency market, may have had a sense of the rally ahead. A day prior to Musk’s tweet, DWF Labs acquired a whopping 15 trillion $LADYS tokens, investing 13.53 Ethereum ($ETH), which translates to approximately $25,000.
Elon Musk posted a picture related to @miladymemecoin, the price of $LADYS skyrocketed by more than 3000%!DWF Labs might know something, he bought 15T $LADYS with 13.53 $ETH($25K) 1 day ago.https://t.co/x7iEMdFMrw pic.twitter.com/mj2N3cQtky— Lookonchain (@lookonchain) May 10, 2023
The transaction, which can be viewed on Debank’s blockchain explorer, suggests a strategic investment by DWF Labs, possibly based on market insights or trends.
Miladys tops OpenSea trends and price hits record high
Immediately after Musk’s endorsement, Miladys climbed swiftly to the top trending spot on OpenSea, a leading NFT marketplace. The floor price of the collection momentarily hit an all-time high of 7.3 ETH, approximately $13,700, before receding to 5.6 ETH. Overall, the collection’s floor price has surged by 59% in the past week.
Miladys is a profile-picture (PFP) NFT collection, encompassing 9,823 NFTs featuring childlike, wide-eyed faces.
Controversy surrounding Miladys
Despite the collection’s innocuous childlike imagery, it hasn’t been devoid of controversy. Conspiracy theories and offensive posts linked to the project’s creator, known as Charlotte Fang, Charlie Fang, or Charlemagne, have caused some stir.
The CEO of Remilia, the parent project, admitted to being behind the offensive posts and subsequently left the project.
Riding the wave of memecoins
MiladyMemecoin’s explosive growth highlights the continuing trend of memecoins gaining significant traction in the cryptocurrency markets. Memecoins, often inspired by internet memes, can experience rapid growth due to their viral nature, driven by social media buzz and celebrity endorsements.
As with any investment, especially in the volatile world of cryptocurrencies, potential investors are advised to exercise caution and conduct thorough research before diving in.