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Cryptocurrency News Articles
Milady NFTs Surge on Elon Musk's Tweet, Mirroring Dogecoin's Rise
May 06, 2024 at 08:01 am
Elon Musk's tweet featuring a Milady NFT sent the collection price soaring 60%. The NFT collection, featuring 9,823 wide-eyed childlike faces, has sparked controversy due to its creator's involvement in conspiracy theories and slurs. Musk's endorsement, reminiscent of his support for dogecoin, resulted in a surge in trading volumes on OpenSea, reaching $22 million in the past 24 hours.
Milady NFTs Soar After Elon Musk's Endorsement, Paralleling Dogecoin's Meteoric Rise
Elon Musk's recent promotion of the Milady non-fungible token (NFT) collection has sent shockwaves through the NFT market, igniting a surge in prices akin to the meteoric rise of Dogecoin (DOGE) attributed to Musk's enthusiastic backing.
Miladys, a profile-picture (PFP) NFT series, features 9,823 enigmatic images of wide-eyed, childlike faces. Despite their seemingly innocuous appearance, the collection has been embroiled in controversy stemming from conspiracy theories and derogatory remarks disseminated by the creator behind the project, known as Charlotte Fang, Charlie Fang, or Charlemagne.
Following a cryptic tweet from Musk, featuring a Milady NFT superimposed with the words, "There is no meme, I love you," the collection's value skyrocketed by a staggering 60%. The tweet propelled Miladys to the pinnacle of OpenSea, the leading NFT marketplace, where prices peaked at an astonishing $13,700 worth of ether (ETH) per NFT.
OpenSea data reveals a remarkable surge in trading volume, exceeding 12,000 ether, or approximately $22 million, within the past 24 hours. This represents a tenfold increase compared to the previous week, signifying the profound impact of Musk's endorsement.
Dubbed the "Elon Effect," Musk's tweets have consistently triggered substantial price increases for tokens he mentions. Dogecoin (DOGE) stands as a prime example. In May 2021, Musk's announcement of collaborating with Dogecoin developers to enhance system efficiency sent the token's value soaring by 22%. Similarly, in December 2021, dogecoin surged 33% upon Musk's revelation that electric-car manufacturer Tesla (TSLA) would accept the token as payment for its products.
However, these price spikes often prove short-lived. Traders and automated bots, sensing the potential for lucrative returns, may flock to the tokens mentioned by Musk, but often exit their positions days later, reaping substantial profits. This pattern typically manifests in price charts as a sudden spike followed by a gradual decline.
Milady NFTs are likely to follow a similar trajectory in the coming days. Despite the inflated trading volumes, prices have already undergone a 7% correction since Thursday, indicating that a sell-off may be underway.
The Milady collection's recent surge in value, fueled by the endorsement of the enigmatic Elon Musk, has drawn parallels to the meteoric rise of Dogecoin. While the collection's long-term prospects remain uncertain, the "Elon Effect" suggests that Musk's influence remains a potent force in the volatile world of cryptocurrencies and NFTs.
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