The Milady NFT Craze: Examining the Impact of Elon Musks Tweet on Dogecoin-Like Spike
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The Milady Non-Fungible Token (NFT) collection experienced a surge after Twitter CEO Elon Musk’s endorsement, drawing similarities to his influence on Dogecoin (DOGE). Milady NFTs, characterized by profile-pic (PFP) with images of wide-eyed, childlike faces, make up a collection of 9,823 unique tokens.
The collection’s prices soared, increasing by up to 60% following Musk’s tweet. This tweet featured a Milady NFT accompanied by the text, “There is no meme, I love you.” Post Musk’s endorsement, the collection ascended to the top of the NFT marketplace OpenSea, with the price of a single NFT peaking at $13,700 worth of Ether (ETH).
According to OpenSea data, the trading volumes rocketed to over 12,000 ETH, equating to over $22 million, in the subsequent 24 hours. However, this represented a tenfold increase in comparison to the previous week’s figures.
The Musk Effect
The Influence of Elon Musk‘s tweets has a history of triggering significant price increases of the tokens he mentions, with Dogecoin (DOGE) being the most notable example. Back in May 2021, Musk announced his collaboration with Dogecoin developers to enhance system efficiency, resulting in an immediate 22% spike in DOGE’s value.
In December 2021, Musk declared that Tesla would accept Dogecoin as payment for its merchandise, which led to a 33% surge in the token’s price. However, these price increases tend to be ephemeral as traders and algorithmic bots rush to purchase the mentioned tokens following Musk’s tweets. This pattern typically manifests as a temporary spike followed by a gradual sell-off in price charts.
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