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With a market capitalization of approximately $126 million, the Milady Meme Coin saw its trading volume rally above $199 million.
Tech billionaire and Tesla Inc (NASDAQ: TSLA) CEO Elon Musk, has once again proved his influence in the meme coin industry through a tweet of Milady NFT. As a result, the price value of Milady-related tokens skyrocketed in the past 24 hours with increased demand demonstrated by a sharp uptick in traded volume. For instance, the floor price of Milady NFTs jumped to a high of about 7.8 ETH from 3.8 ether on Wednesday. According to market data provided by OpenSea, Milady’s NFT floor price had since dropped to 5 ETH on Thursday.
Notably, the NFT collection reported a total volume of more than 43,148 ETH from about 3,387 owners. Created in August 2021 via the Ethereum blockchain, the Milady NFTs have more than 34 percent unique owners out of the 9,825 items available.
Nevertheless, data by OpenSea shows that there are some Milady NFTs that sell as high as 75 ETH. The increased demand for Milady NFT is largely attributed to the tweet by Musk, which had the inscription “There is no Meme I Love You”.
pic.twitter.com/4s6HwnCY74
— Elon Musk (@elonmusk) May 10, 2023
Apparently, this is not the first time that Musk has tweeted about his endorsement of the Milady creation. Back in 2019, Musk tweeted a note with Milady that attracted more than 65k likes.
Milady NFT Controversy
The Milady NFT collection and its creators have not had a smooth ride all along. In May 2022, the floor price of Milady NFTs plunged by more than 50 percent after allegations surfaced that its creator, Charlotte Fang, was involved in deadly ideologies on the anonymous imageboard site 4chan. The Milady collection, which is also endorsed by Su Zhu co-founder of bankrupt Singaporean hedge fund Three Arrows Capital, was apparently involved in the death through the suicide of a 17-year-old teenager from Canada.
megathread on milady and their founders:
– miya's writings
– Grooming
– Gaslighting
– Systemspace and suicide of 17yo teen
– Remilia implicationproof of everything will be at the end of the thread
— 0xngmi (@0xngmi) May 23, 2022
Nevertheless, the Milady NFT team has remained relevant across the Web3 industry due to its attractive digital artwork.
Side Notes
Meanwhile, a memecoin dubbed Milady Meme Coin (LADYS) has spiked by around 10,000% in the past 24 hours following the Musk tweet. With a market capitalization of approximately $126 million, the Milady Meme Coin saw its trading volume rally above $199 million on Thursday. According to on-chain data provided by ethplorer, the Milady Meme Coin had nearly 8k holders as of Thursday.
However, on-chain analytics platform Lookonchain has warned LADYS investors of possible manipulation from the developers who own more than 23 percent of the total supply.