A collection of non-fungible tokens (NFTs) called Milady has surged after Twitter owner Elon Musk mentioned it, showing similarities to Dogecoin (DOGE).
Miladys is a profile pick (PFP) NFT, consisting of 9823 images of big-eyed childlike faces. Despite its innocent image, the collection faced controversy over conspiracy theories and slander shared by Remilia developers known as Charlotte Fang, Charlie Fang or Charlemagne.
But after Musk tweeted the NFT image with the words “There is no meme, I love you,” the price of the controversial collection soared by 60%.
Immediately after Mr. Musk’s tweet, it jumped to the top on the NFT marketplace OpenSea, and at one point reached 7.3 Ethereum (ETH, about $ 13,700, about 1.84 million yen).
— Elon Musk (@elonmusk) May 10, 2023
According to data from OpenSea, trading volume has surged to more than 12,000 ETH in the past 24 hours. That’s ten times more than last week.
Will the Elon effect continue?
Musk’s tweets have proven to cause a big jump in the tokens he mentioned. May 2021TweetOn Wednesday, Musk said he would work with Dogecoin developers to improve system efficiency, which immediately sent the token up 22%. DOGE also surged 33% after it said it would accept the token to pay for electric car maker Tesla as early as December 2021.
But such spikes are often short-lived. Traders and bots buy up the tokens mentioned on Musk’s Twitter account and then sell them for a hefty profit days later. Such a phenomenon can be seen on the chart as a short-term spike and moderate net selling.
Milady is likely to make similar deals in the future. Despite the high volume, prices have already started to correct at the time of writing, meaning there may already be some selling.
｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Original: Dogecoin-Like Spike in Milady NFTs After Elon Musk’s Tweet, But Will It Last?