Milady NFT collection surges in price after endorsement by Elon Musk, akin to his influence on dogecoin

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12th May 2023 – (New York) The Milady non-fungible token (NFT) collection saw a surge in prices after receiving recognition from Twitter owner Elon Musk, drawing comparisons to Musk’s treatment of dogecoin (DOGE). The Miladys are a profile-pic NFT collection consisting of 9,823 images featuring wide-eyed childlike faces. Despite the innocent imagery, the collection has faced controversy over conspiracy theories and slurs shared by the creator behind Remilia and the project, Charlotte Fang.

After Elon Musk tweeted a Milady NFT overlaid with the words, “There is no meme, I love you,” prices of the controversial collection jumped as much as 60%, with the collection trending to the top of NFT marketplace OpenSea. Prices reached a peak of $13,700 worth of ether (ETH) per NFT.

Data from OpenSea shows trading volumes surged to over 12,000 ether, worth over $22 million, in the past 24 hours, a tenfold increase compared to last week. Musk’s tweets have a track record of causing drastic price spikes in tokens, such as dogecoin. However, these surges are typically short-lived, with traders and automated bots selling their tokens for a profit days after the initial spike.