In just two days, the Milady non-fungible token (NFT) collection has experienced an unprecedented surge in prices. This sudden rise in popularity can be traced back to a tweet by Tesla and SpaceX CEO Elon Musk, in which he acknowledged the Milady NFT collection.
The Milady NFT collection, comprising 9,823 profile-picture (PFP) images, is characterized by childlike facial features. Despite the recent enthusiasm surrounding the collection, its creator, Charlotte Fang, also known as Charlemagne, has faced controversy for conspiracy theories and slurs associated with Remilia and the Milady project.
Creator’s Troubled History
The Milady Maker project, which is linked to the Milady NFT collection, has been mired in controversy due to Fang’s admission of operating a pseudonymous Twitter account that posted racist and abusive tweets. This revelation last May led to a decline in NFT prices linked to the Milady Maker project, prompting Fang to step down from the team.
Recently, Milady NFTs have garnered attention as a “wartime” meme within the NFT trading and cryptocurrency communities. Amid increased scrutiny of digital currencies by regulatory bodies such as the U.S. Securities and Exchange Commission (SEC), the artwork has been adopted as a form of expression on social media platforms.
Musk’s Tweet Boosts Milady NFT Prices
Following Musk’s tweet featuring a Milady NFT image and “There is no meme, I love you,” the collection’s prices soared by as much as 60%. Consequently, the NFT collection quickly trended on the OpenSea NFT marketplace, with peak prices reaching $13,700 worth of ether (ETH) per NFT.
Trading volumes for the NFT collection surged to over 12,000 ether in just 24 hours, amounting to over $22 million. This represents a tenfold increase compared to the previous week’s trading volumes.
Musk’s History of Influencing Token Prices
Elon Musk’s tweets have been known to significantly impact the tokens he mentions, such as dogecoin (DOGE). In May 2021 and December 2021, his tweets about Dogecoin and Tesla’s acceptance of the cryptocurrency as payment led to immediate price jumps of 22% and 33%, respectively. However, these price spikes are often short-lived, followed by a gradual sell-off as traders and automated bots take advantage of the initial hype.
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