Coinspeaker Meme Coin Cult from Milady NFT Creators Goes Live with Valuation Soaring to $600 Million
The creators of the Milady NFT project announced their much-awaited Cult cryptocurrency, a meme coin based on the Ethereum blockchain last Thursday. The demand for the Cult meme coin has already skyrocketed through the roof with its fully diluted value soaring above $600 million.
Following last Thursday’s launch, the token’s fully diluted valuation (FDV) surged immediately all the way to $845 million, according to Dexscreener data. However, it has cooled down a bit from the top and is currently pegging around $630 million in FDV as the token price fluctuates following the initial surge.
Remilia Corporation, the team behind the Milady Maker NFTs and other projects, introduced the Cult token in June 2024. The team successfully raised over $20.5 million during a pre-sale of the token.
Considering the tokenomics during the pre-sale period, 50% of the total 10 billion token supply has been reserved as the “Cult fund”. Half of this fund was allocated for distribution at the token launch, with the remaining portion set aside for seasonal distribution.
The team received 15% of the supply, subject to an 18-month vesting period, while the Remilia project’s treasury was allocated between 20% and 35%, as per the pre-sale participation, with a six-month vesting period.
Meme Coin Cult Launch Comes with Airdrop
The launch of the Cult meme coin comes along with an airdrop targeting the holders and traders of Remilia Corporation NFTs, such as Redacted Remilio Babies and Milady Maker. In the months following the launch, investor anticipation for the token grew, fueled by cryptic memes and teasers posted by the team and Milady community on social media. These heavily filtered posts sparked the speculation of the meme coin launch.
However, the leader of Remilia Charlotte Fang addressed the growing concerns on the X platform last week, stating that that Cult is “fundamentally different” from a typical meme coin. Thus, it has no resemblance with the “Milady coin”. Speaking about it, Fang wrote:
“It’s an ecosystem coin for an ecosystem that is by ideological design a self-organizing memetic engine, not wrapping just a meme or character but a revolutionary movement. So I think it exists as a genuinely new category, something like a metamemecoin or a memeplexcoin.”
NFT projects are looking to tap into the recent meme coin craze as a measure to revive the overall industry. The world’s second-largest NFT collection Pudgy Penguins will be launching its official crypto PENGU, distributing one-fourth of its supply to its community.
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Meme Coin Cult from Milady NFT Creators Goes Live with Valuation Soaring to $600 Million