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From Dodgecoins to NFTs: Musk’s Crypto Rollercoaster

Milady NFT goes viral after Musk tweets a meme
By Kriti Swarup
May 12, 2023

On May 10 2023, Elon Musk posted a meme on Twitter, featuring Milady Maker’s non-fungible token (NFT) avatar, which resulted in an astonishing surge of 5,000 per cent in the collection’s value. Elon Musk, the billionaire behind Tesla and owner of Twitter, is renowned for his ability to influence the prices of various cryptocurrencies, raising serious questions regarding the legitimacy of the cryptomarket.

In the world of viral cryptocurrencies, attention is the driving force behind their meteoric rise. Traders have been flocking to these memecoins, which are designed to grow in value as they attract more attention. This particular cryptocurrency associated with the Milady NFT collection is no exception. Ever since Musk's tweet, its price has skyrocketed, leaving Bitcoin in the dust.

The Milady Meme Coin, as it is known, boasts a total supply of 888 trillion, with 1% airdropped to all pepe and milady NFT holders, according to its website. This surge in value is part of a larger trend that has seen viral memecoins like Pepe and Floki experience massive rallies in recent weeks, bolstered by unexpected developments in the crypto market.

The Milady Maker NFT collection, composed of 10,000 profile picture NFTs inspired by street style tribes, also enjoyed a surge in popularity. It climbed to the top of the trending section on the NFT marketplace OpenSea, with the floor price (the lowest price for any NFT in the collection) reaching nearly $14,000 before experiencing a slight decline.

While the Milady NFT collection has garnered attention for its unique aesthetic, it is worth noting that its creator faced controversy in the past due to a Twitter account associated with racist and derogatory content. Despite this, the Milady Meme Coin's recent rally has captured the interest of crypto enthusiasts and traders alike.

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