In the last two days, the #NFT collection’s prices have skyrocketed.
After receiving acknowledgement from Twitter owner #ElonMusk , Milady’s non-fungible token (NFT) collection increased, drawing comparisons to Musk’s treatment of #dogecoin (DOGE). Miladys is a profile-pic (PFP) NFT that consists of 9,823 pictures of faces with wide-eyed, innocent expressions.
Despite the collection’s innocent imagery, Charlotte Fang, also known as Charlie Fang or Charlemagne, the project’s creator, has drawn criticism for sharing conspiracy theories and derogatory remarks.
Prices for the contentious collection increased by as much as 60% after Musk tweeted a picture of a Milady NFT with the words “There is no meme, I love you.”
Shortly after Musk’s tweet, the collection shot to the top of the NFT marketplace #OpenSea, with peak prices of $13,700 worth of ether (ETH) per NFT.
In the last 24 hours, trading volumes increased to over 12,000 ether, valued at over $22 million, according to OpenSea data. The data indicate that this was a tenfold increase from the previous week.
The Elon Effect
The most popular token mentioned in Musk’s tweets, dogecoin (DOGE), has shown to experience significant price increases as a result of his tweets. Musk stated he was working with Dogecoin developers to increase system efficiency in a tweet from May 2021, which immediately saw a 22% increase in the value of the tokens.
When Musk announced that #Tesla (TSLA), an electric vehicle manufacturer, would accept the token as payment for its goods in December 2021, dogecoin saw a 33% increase.
However, these spikes are short-lived as traders and automated bots swarm to the tokens Musk mentioned on Twitter in response to his tweets, only to sell them for a healthy profit days later. Price charts typically show a brief spike and a slow sell-off for this.
Mild NFTs may experience the same trading activity in the coming days. Despite the high volumes, prices have already fallen 7% from Thursday, suggesting a sell-off may already be underway.
