Art Markets News Report
May 12, 2023

The Milady NFT Craze: Examining the Impact of Elon Musks Tweet on Dogecoin-Like Spike

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 Milady NFT

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.

  • Elon Musk will charge with perpetuating a pyramid scheme following a class action lawsuit filed in New York. The charges allege that Musk was involved in a cryptocurrency scam called Dogecoin.

Read more related articles:

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

More articles
Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

NFTs & Mining: A Digital Synergy

The rise in usage of the non-fungible tokens has changed the way we see and engage with ...

Know More

AI in Crypto

Explore the ever-evolving realm of artificial intelligence within the cryptocurrency sphere. Discover the transformative impact of AI ...

Know More
Join Our Innovative Tech Community
Read More
Read more
Figure Raises $675M Funding for Humanoid Robot Development, Collaborates with OpenAI for AI Model Research
Business News Report
Figure Raises $675M Funding for Humanoid Robot Development, Collaborates with OpenAI for AI Model Research
February 29, 2024
Telegram Plans to Sell TON at Discount to Long-Term Investors, Limiting Token Holdings to 10%
News Report Technology
Telegram Plans to Sell TON at Discount to Long-Term Investors, Limiting Token Holdings to 10%
February 29, 2024
FTX-Linked Crypto Hedge Fund Rebrands to MNNC Group, Attracts “Mid-Eight-Figure” Investment Post-FTX Collapse
Business News Report
FTX-Linked Crypto Hedge Fund Rebrands to MNNC Group, Attracts “Mid-Eight-Figure” Investment Post-FTX Collapse
February 29, 2024
Silence Laboratories Raises $4.1M Funding to  Protect Enterprise Data with Cryptographic Multiparty Computation 
Business News Report
Silence Laboratories Raises $4.1M Funding to Protect Enterprise Data with Cryptographic Multiparty Computation 
February 29, 2024
What You
Need to Know

Subscribe To Our Newsletter.
Daily search marketing tidbits for savvy pros.