Whales Accumulate Cult DAO ($CULT) Tokens Despite Controversial Launch and Ongoing Price Drop

According to Spot on Chain, despite CULT's controversial launch and current extreme volatility, many savvy traders are still rushing to accumulate the tokens.

As the winter season heats up, so does the price fluctuation and enthusiasm within the crypto markets, especially in the meme space.

Cult DAO, the latest addition to the digital asset market, is creating a buzz in the crypto community. Last Thursday, the cult meme coin officially launched its mainnet on the Ethereum protocol.

The development led to a massive rise in its fully diluted value, reaching over $600 million within hours after its debut.

The token’s market cap climbed to a height of $845 million but retracted back to $630 million. However, its market value currently stands at $78.03 million, indicating a huge decline in its market activity.

Cult, a newly launched meme coin created by the creators of Redacted Remilio Babies and Milady NTF projects, has captured the crypto community’s attention with its recent airdrop event. The campaign dropped a total value of $207 million worth of CULT tokens to holders of Redacted Remilio Babies and Milady NFTs.

Some of the recipients of the Cult airdrop include Aave founder Stani and Dragonfly investor Tom Schmidt who received airdrops worth $100,000 and $150,000 respectively.

The Cult DAO project started its journey in June when it raised over $20.5 million during its pre-sale, establishing enthusiasm among investors. The fund is meant to support both long-term and short-term community growth to help maintain the ecosystem’s stability.

Cult’s launch came with an interesting twist – a huge airdrop focusing on holders of Remilia NFTs like Redacted Remilio Babies and Milady Maker. The airdrop brought excitement within the NFT community, further creating enthusiasm following its launch.

CULT ignited users’ attention because of its unique proposition. Charlotte Fang, the CEO of Remilia Corporation, stated on social media that Cult DAO is more than just a meme coin. She said the token is a memeplexcoin (metamemecoin) designed to unlock unique values by bringing participants together in innovative ways.

Cult DAO is part of an emerging trend of NFT projects moving into the crypto market. Pudgy Penguins, another popular NFT collection, recently rolled out its own meme coin, Pengu, and intends to release a massive airdrop to reward holders and the community.