Dogecoin-Like Spike in Milady NFTs After Elon Musk’s Tweet, But Will it Last?
The Milady non-fungible token (NFT) collection spiked after receiving acknowledgement from Twitter owner Elon Musk, drawing parallels to Musk’s treatment of dogecoin (DOGE).
Miladys are a profile-pic (PFP) NFT, which consists of 9,823 images featuring wide-eyed childlike faces. Despite the innocent imagery, the collection has faced controversy over conspiracy theories and slurs shared by the creator behind Remilia and the project, known as Charlotte Fang, Charlie Fang, or Charlemagne.
Prices of the controversial collection jumped as much as 60% after a Musk tweet featuring a Milady NFT overlaid with the words, “There is no meme, I love you.”
The collection trended to the top of NFT marketplace OpenSea shortly after Musk’s tweet – with prices reaching $13,700 worth of ether (ETH) per NFT at the peak.
OpenSea data shows trading volumes surged to over 12,000 ether, worth over $22 million, in the past 24 hours. This was a tenfold increase compared to last week, the data show.
The Elon Effect
Musk’s tweets have proven to cause immense jumps in the tokens mentioned by him – most popularly dogecoin (DOGE). In a tweet in May 2021, Musk stated he was working with Dogecoin developers to improve system efficiency, sending the tokens up 22% immediately.
In December 2021, dogecoin surged 33% when Musk said electric-car maker Tesla (TSLA) would accept the token as payment for its merchandise.
These jumps are short-lived, however, as traders and automated bots pile on the tokens mentioned by Musk following his Twitter comments only to sell for a handsome profit days afterward. This is typically seen in price charts as a short-term spike and a gradual sell-off.
Milady NFTs could see the same trading action in the days ahead. Prices have already corrected 7% compared to Thursday despite the high volumes – meaning a sell-off could already be in play.