The prices of the NFT collection have gone up significantly in the past two days
The Milady non-fungible token (NFT) collection experienced a surge in popularity after being acknowledged by Elon Musk, the owner of Twitter, similar to his involvement with dogecoin (DOGE).
Miladys are a type of profile picture (PFP) non-fungible token (NFT) collection, showcasing 9,823 images portraying childlike faces with big eyes. While the images may seem innocent, the collection has faced controversy due to the creator, known as Remilia or Charlotte Fang, being involved in conspiracy theories and sharing offensive language or slurs. ( Ref. faced controversy over conspiracy theories )
The prices of the controversial Milady NFT collection surged by as much as 60% following a tweet by Elon Musk. The tweet included an image of a Milady NFT with the caption, “There is no meme, I love you.”
After Elon Musk’s tweet, the Milady NFT collection became popular on the OpenSea marketplace, reaching the top of the trending list. The prices of the NFTs reached a peak of $13,700 worth of ether (ETH) per NFT.
According to data from OpenSea, trading volumes for the Milady NFT collection surged to over 12,000 ether (ETH) in the past 24 hours, which is worth over $22 million. This represents a tenfold increase compared to the previous week.
The Elon Effect:
Musk’s tweets have been known to cause significant increases in the tokens he mentions, especially dogecoin (DOGE). In a tweet in May 2021, Musk announced his collaboration with Dogecoin developers to enhance the system’s efficiency, resulting in an immediate 22% surge in the token’s value.
In December 2021, dogecoin experienced a 33% increase after Musk announced that Tesla (TSLA), the electric car company, would accept the token as payment for its products.
However, these price increases tend to be temporary as traders and automated bots quickly buy the mentioned tokens after Musk’s Twitter comments, aiming to sell them later for a profit. This pattern is often seen in price charts as a sudden rise followed by a gradual decline.
There is a possibility that Milady NFTs may experience similar trading activity in the coming days. Prices have already dropped by 7% compared to Thursday, despite the high trading volumes, indicating that a sell-off may already be occurring.