Cult memecoin from Milady NFT creators goes live at over $600 million FDV
Cult, the highly anticipated cryptocurrency from the creators of the Milady NFT project, launched Thursday and saw its fully diluted value soar above $600 million.
The Ethereum-based memecoin launched at around 7 p.m. EST on Thursday, as its official X handle announced that the token generation event (TGE) is live.
The token's FDV surged as soon as it launched, reaching a high of $845 million, according to data from Dexscreener. The figure has since come down to around $630 million at the time of writing, as the token price fluctuated after the initial rally.
Remilia Corporation, the team behind Milady Maker NFTs and other projects, announced the Cult token in June this year. The team raised over $20.5 million in a token pre-sale.
According to the tokenomics announced at the pre-sale, half of the total 10 billion supply is set aside as “Cult fund,” 50% of which was set to be distributed at token launch and the other half saved for seasonal distribution.
The team was given 15% of the supply with an 18-month vesting period, while the Remilia project’s treasury was allocated 20% to 35% (depending on pre-sale) with a six-month vesting period.