Cult DAO Struggles: Whales Switching to Buy Millions of CULT tokens

As the winter season warms up, so does the price fluctuation and enthusiasm within the crypto markets, especially in the meme space. CULT has caught the attention of enthusiasts and investors alike. The crypto’s rapid ascent and the dramatic plunge made significant waves in the crypto space.

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

In the last two days, the on-chain analytics platform spotted two whales who recently bought Cult DAO to rebalance their portfolios and capitalize on the meme coin’s potential.

Whales increase cult accumulation

CULT has huge backing from big investors. This is interesting despite Cult DAO being a new token, launched five days ago. Spot on Chain recently identified two whales buying CULT using ETH worth $754k and EIGEN worth $360k respectively.

Today December 11, the blockchain analytics platform identified a trader who spent 207 ETH (worth $754,000) to buy 127.89 million Cult tokens six hours ago. The investor currently holds $1.76 million in unrealized profits from MOG (+244%) and PEPE (+187%).

Two days ago, the on-chain metrics tracker also spotted another trader who exchanged 80,000 EIGEN tokens (worth $360,000) for 58.28 million CULT tokens. According to Spot on Chain, this investor is well-known for wash-trading his #9998 punk for 124,000 ETH coins in 2021. He is also recognized for earning 215 ETH tokens (valued at $255,000) during the stETH depeg in 2022 and investing in RFD coins in 2023.

These purchases indicate a surged interest in Cult DAO, suggesting it is a potential coin that could give traders and investors an opportunity for growth.

CULT feels market pressure

Cult DAO is the latest addition to the digital asset market, already creating a buzz in the crypto community. Last Thursday, December 5, 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.

What’s next for CULT?

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.