The Milady NFT Wave: A Look into How Elon Musk's Tweet Mirrored Dogecoin's Price Explosion
In Brief
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The Milady Non-Fungible Token Following the endorsement from Elon Musk, the Milady NFT collection surged, showcasing parallels with his past influence on other assets. Dogecoin Comprising 9,823 distinct tokens, the Milady NFTs are instantly recognizable by their profile pictures featuring whimsical, wide-eyed avatars.
Prices for these NFTs skyrocketed, with an increase of up to 60% in the wake of Musk's tweet, which showcased a Milady NFT alongside the message, 'There is no meme, I love you.' Consequently, the collection soared to the forefront of OpenSea's marketplace, with individual NFTs peaking at a staggering $13,700 in Ether (ETH).
Data from OpenSea revealed that trading volumes exploded, surpassing 12,000 ETH—equating to over $22 million—within just 24 hours. This marked a remarkable tenfold surge compared to the previous week.
The Musk Effect
The Influence of Elon Musk Musk's tweets have consistently sparked notable price rallies for the tokens he discusses, with Dogecoin (DOGE) standing out as the prime example. In May 2021, Musk announced his partnership with Dogecoin developers for system improvements, leading to an immediate 22% jump in DOGE's market value.
In December 2021, Musk made headlines by declaring that Tesla would accept DOGE for merchandise, generating a 33% surge in the token's price. Yet, these spikes often prove short-lived, as traders and automated bots rush to acquire the featured tokens, resulting in a sharp rise followed by a slow decline in value. Dogecoin Elon Musk faces accusations of being involved in a pyramid scheme following a class action lawsuit initiated in New York, which asserts that he participated in a cryptocurrency scam centered around Dogecoin.
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