- Ethereum co-founder Vitalik Buterin adopted a Milady NFT as his profile picture, causing market ripples.
- A major trader lost $80,900 in rapid Milady NFT transactions following the announcement.
- Milady’s market cap stands at $167 million, compared to Pudgy Penguins’ $600 million and CryptoPunks’ $1.2 billion.
- The CULT token associated with Milady reached a $500 million market cap at launch before settling at $100 million.
- The project maintains value despite past controversies surrounding its creator and imagery.
Vitalik Buterin sparked renewed interest in the Milady NFT collection by changing his social media profile picture to one of the anime-style avatars, following Elon Musk‘s previous NFTs-and-web3/elon-musk-sends-milady-nfts-soaring”>endorsement through meme content last year.
Market Impact and Trading Activity
The profile picture change triggered immediate market reactions, with one prominent trader experiencing an $80,900 loss after a rapid purchase and sale of 14 Milady NFTs. The trader bought the NFTs for 94.46 ETH ($312,000) and sold them within 30 minutes for 69.08 ETH ($231,000), demonstrating the high volatility in NFT markets.
Market Position and Valuations
The Milady collection currently holds a $167 million market capitalization, positioning it behind established collections like Pudgy Penguins ($600 million) and CryptoPunks ($1.2 billion). These valuations suggest potential growth scenarios – reaching Pudgy Penguins’ level would value each Milady at $60,000, while matching CryptoPunks would push individual prices to $121,500.
Token Economics and Recent Developments
The December 2023 launch of the CULT token expanded the Milady ecosystem. The token’s distribution included an unusual IQ test requirement for claiming tokens. After reaching an initial $500 million market capitalization, CULT’s value stabilized at $100 million following Buterin’s endorsement.
The project’s history includes controversy after creator Charlotte Fang admitted to running a disputed online persona. Despite these challenges, the collection maintains substantial market presence and continues attracting high-profile attention within the cryptocurrency community.
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