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Musk effect: the businessman’s tweet sparks 10,000% surge in LADYS token — is it tied to Milady NFTs? (probably not)

Andrew Zhoao

News editor

May 11, 2023 at 06:55

The minimum value of NFT from the Milady collection rose almost 50% — from 3.8 ETH (~$6.9K) to 7.3 ETH ($13.3K) — after a tweet from the head of Tesla, SpaceX, and Twitter, Elon Musk. It didn’t seem to you that the situation reminds of the historical rise of Dogecoin. But will Milady be able to repeat exactly the success of the first memecoin, and is the collection related to the LADYS token, which rose by more than 10,000 percent in 24 hours? Let’s find out.

“There is no meme”: What is Milady?

The collection was launched in August 2021, but Milady has only now received general attention. According to the description on OpenSea, there are 10K generative NFTs in a neo-chibi aesthetic inspired by street-style tribes.

The founders of the project are a team called Remilia, who decided to remain anonymous. And the original idea was for users to be able to access a “customizable Minecraft server.”

The ecosystem has several sub-projects. Among them:

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  • NFT banners.
  • Mixtapes.
  • VRtube.
  • A bootleg merchandise stire and more.

There are five main themes in the collection:

  • Gyaru.
  • Prep.
  • Lolita.
  • Hypebeast.
  • Harajuku.

Each NFT is assigned a so-called “Drip Grade” from the highest to the lowest (SS, S, A, B, C, and D). So, the higher the grade, the higher the price. For comparison, the minimum starting price after the launch of the collection was 0.05 ETH, which recently jumped to 7.3 ETH. Here are the characteristics of Milady now:

  • Total volume — 43463 ETH.
  • Floor price — 4,69 ETH.
  • Best offer — 4,3858 WETH.
  • Listed — 3%.
  • Owners — 3381.
  • Unique owners — 34%.

Is Milady also a “hustle”?

The value of the collection jumped sharply after Musk’s tweet. But this is not the first time a businessman has influenced the value of cryptocurrencies. His favorite asset is considered to be Dogecoin, which underwent the biggest surge after Musk called DOGE a “hustle literally means success, recognition, and prestige.” At the time, the token rose to $0.7376. Compared to the current value, the difference is 90,21%.

However, Musk’s effect can be both positive and negative. Thus, when it became known that he may leave his position as Twitter’s head, Doge’s price fell by 5%. Here are some more recent cases where a businessman influenced the world of cryptocurrencies.

Now Musk dropped a tweet with an image of Milady and the caption, “There is no meme. I love you,” which caused an incredible surge of activity online. So, in less than an hour, the message was viewed by more than 4 million people, and at the time of writing, the number exceeded 27 million.

Why Musk emphasized this particular collection is unclear. In general, it is difficult to consider the project a success, as it has previously been criticized and accused of racism.

“Soon after its launch, many collectors found that a spin-off collection featured avatars wearing t-shirts with the word “Treblinka”, a major nazi concentration camp,” reported bitkan.

The creators rushed to explain themselves and said that the name was accidentally generated by relying on several different texts. Later, Charlotte Fang, who allegedly kept Milady’s Twitter account and posted insulting posts, confessed to what she had done. Whether this is true or not is unknown, but it was enough to ruin the reputation of the project. So the current events are a good opportunity for Milady to recover, but will it work? What do you think?

Meanwhile, interest in the token continues to grow, and according to Etherscan, the number of holders of the asset has increased by 41,579% in the last 24 hours, reaching 10,353 people.

LADYS is not Milady’s?

As for LADYS, so-called Milady’s ecosystem token, it was launched on the day of the global success of the collection in the amount of 888,000,888,000,888 LADYS. Of that:

  • 94% were sent to the liquidity pool, LP tokens were burned, and the contract was renounced.
  • 1% sent out to PEPE and Milady NFT holders.
  • The remaining 5% are held in a multi-signature wallet. They will be used for CEX listings, bridges, and liquidity pools. The wallet can be found under the name “miladymeme.eth.”

It seems that the news also influenced the growth of the collection’s native token. Thus, in the last 24 hours, the asset rose by more than ten thousand percent — from $0.000000004076 to $0.0000001769.

Milady memecoin (LADYS) to USD chart
Milady memecoin (LADYS) to USD chart

However, there is a reason to believe that the token and the collection are not connected in any way since they have two different Twitter accounts and there is not a single mention of any LADYS native token on the NFT Milady page. Although there is no refutation of the connection, be careful and do your own research.

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Home » Insights and analysis » Musk effect: the businessman’s tweet sparks 10,000% surge in LADYS token — is it tied to Milady NFTs? (probably not)

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