Original title: (CULT Finally Launches, Is the NFT Legacy's Token Issuance a Bull Market Ride or the Last Dance?)

Original author: Wenser, Odaily Planet Daily

This morning at 8 AM, Milady's founder, who previously raised over $20 million for the meme coin CULT, finally officially announced its launch, after nearly six months of waiting, it can be described as 'the awaited finally arrives.' According to GMGN data, after its launch, CULT's market cap briefly reached $1.2 billion, then quickly retraced to $850 million, currently reporting at $617 million. Unlike Pudgy Penguins, which has grown into a three-in-one 'NFT + blockchain network + IP brand,' CULT, a meme coin launched by Milady founder Charlotte Fang, may become the 'last dance' for a single well-known NFT project to issue tokens.

Odaily Planet Daily will provide a brief introduction to the CULT meme coin, which has a somewhat 'cult-like atmosphere,' and analyze its future market direction in this article.

Charlotte Fang's Nth Entrepreneurship: CULT is a product of the meme coin fundraising wave.

In mid-June this year, after a series of fundraising frenzies in the meme coin space, Milady founder @CharlotteFang 77 initiated the presale fundraising for the meme coin CULT, raising 4,809 ETH in just a few hours, and ultimately raising 5,861.8 ETH (worth about $20.5 million). It is worth mentioning that according to Arkham monitoring, the Remilia Collective has raised $20 million worth of ETH for the CULT token presale, originally intended to last seven days, but unexpectedly the fundraising was fully subscribed within six hours.

Just when the market thought it would seize the opportunity to launch the CULT token early, the direction of events began to exceed the expectations of the fundraising participants.

After waiting for more than a month, news of the CULT token launch remains elusive.

Until July 18, the project's official Twitter account released a promotional video, stating, 'You have already witnessed their capabilities. Now it's our turn. RWO.' This was speculated by the community to mean that the CULT token is about to launch.

However, the Milady community and its founder Charlotte Fang, known for their 'cult-like style,' clearly will not play by the rules.

On July 27, the CULT official announced that the telegram channel for the CULT community has opened. This move was again interpreted by community members as 'the token issuance is imminent.' Subsequently, the pre-market trading platforms Aevo and Whales Market also listed CULT for pre-market trading, at that time the price of CULT was only around $0.015, corresponding to an FDV of about $150 million.

Thus, market expectations have once again been raised, with countless people eagerly hoping that the highly active Milady community in the meme coin space can bring about a new wave of 'ETH meme coin wealth effect.' However, what followed was another long wait of over four months.

On December 6, according to media reports, the CULT token has still not been released, causing community dissatisfaction. In response, Scorched Earth Policy, the chief of staff for Milady's parent company Remilia, stated, 'Yes, the token is being released. Beyond that, I cannot elaborate on the reasons for the delay. I can only say we have ample reasons for what we are doing, and everything revolves around ensuring we make the right decisions for our community.'

Meanwhile, some community members believe that this delay is part of a psychological warfare that will lead to the Remilia World Order (RWO). A presale participant, who identifies as a Cult member named Virtue, stated, "I think the charm of CULT lies in faith. Being confident in uncertainty and relying on your beliefs. It's simple, just don’t worry, be confident in your beliefs, and I think that’s a lesson in life. You can't always control everything in life; it’s okay to let go, it’s okay to be free."

This statement is a typical example of the Milady community's 'self-brainwashing rhetoric.'

Subsequently, Charlotte Fang addressed community members' questions, stating, "CULT is an ecosystem currency, and its ecosystem is a self-organizing meme engine in ideological design. It is not just about packaging a meme or character, but rather a revolutionary movement. I believe it is a truly new category, similar to meta-meme coins or meme composite coins."

Then, just today, CULT finally made its official debut. Strictly speaking, this is already Charlotte Fang's Nth entrepreneurial venture—previously she had issued tokens, Milady NFTs, and other projects. For more information about Charlotte Fang, you can refer to the article (The Untold Story of Charlotte Fang, Founder of NFT 'Cult' Milady).

CULT: More than just a meme coin, but a meta meme coin of the 'cult-like community.'

As Charlotte Fang previously emphasized, it is difficult to regard CULT as merely a meme coin. After all, according to its 16-page white paper information—

The total supply of CULT tokens is 10 billion;

· Of which 50% will be reserved for the 'cult fund' (half will be allocated at the time of token issuance, and the other half will be used for seasonal allocations);

· The presale share can be as high as 15%, and all tokens will be circulating upon issuance;

· The team received 15% of the supply, with a lock-up period of 18 months;

· The distribution of the Remilia treasury accounts for 20% to 35%, with a lock-up period of 6 months.

CULT Token Economics

In addition, the token claiming for CULT is different from previous meme coin projects, as it requires users to answer questions, draw beetles, and find square symbols among other games to claim the tokens. If answers are incorrect or drawings fail, the token claim interface will display messages like 'You failed the shape test, your CULT tokens will be reduced to 50%. Thank you for your participation,' which has caused dissatisfaction among many and led to further dissemination.

Graph selection question

Later, some community members speculated that this move might be to 'convey community panic.' It must be said that this is indeed something the Milady community could do.

CULT token claim interface

Finally, after reminders from community members, the CLUT official website also noted the token claim deadline—'Please note that if users earn Beetle game points to claim Remilia CULT tokens, you have 7 days to claim.'

According to information released by the official CULT account, the beetles drawn by users participating in the CULT token claim are quite diverse and have a strong meme attribute, even to the point of being described as 'extremely abstract.'

Diverse beetle images

Currently, the price of CULT token is reported at $0.0064, with a market capitalization of $642 million.

Compared to the upcoming 888 billion PENGU tokens and the Pudgy Penguins NFT floor price of 20 ETH (approximately $80,000), the floor price of Milady Maker briefly surpassed 7.2 ETH in early December and has now retraced to 5.2 ETH (about $20,000). The nearly 9-fold supply difference and nearly 4-fold floor price difference make the market capitalization estimate for PENGU around $2.5 billion to $3 billion, which is reasonable compared to the previous article predicting a market cap of $1.5 billion to $3 billion.

In summary, whether CULT can break through the 'meme coin concept constraints' and aim for a market capitalization of $2 billion or higher still relies on the continued promotion and outreach of the Milady community; otherwise, a ceiling of $1 billion to $1.5 billion may become its upper limit.

Summary: The wave of token issuance from NFT projects is coming to an end, and NFT projects urgently need transformation.

With the issuance of CULT tokens coming to an end, PENGU is also about to go live, signifying that the once wildly popular NFT project has entered the final stages of the token issuance wave.

Although blue-chip NFTs like Azuki have not officially launched their project tokens, the previous strategy of generating hype and attracting attention through token issuance has gradually become ineffective for NFT projects that are now facing developmental dilemmas.

Whether it can enter the next stage of the crypto market is an 'industry-wide problem' that many NFT projects urgently need to solve.

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