Vitalik Buterin, the notable figure behind Ethereum, has expressed support for the debated Milady NFT.
Vitalik Buterin, the co-founder of Ethereum, recently updated his social media profile picture to a Milady NFT, adding his name to the list of high-profile figures endorsements for the controversial anime-style NFT collection. This comes after Elon Musk gave the collection attention through a meme tweet featuring Milady artwork last year.
The move has sent ripples through the NFT market, but not all traders have profited from the news. Blockchain data reveals that a whale lost approximately $80,900 after purchasing 14 Milady NFTs for 94.46 ETH ($312,000) and quickly selling them for just 69.08 ETH ($231,000).
Could Miladys Reach $100k? Milady Maker vs Pudgy Penguins & CryptoPunks
Milady and Pudgy Penguins represent two of the most successful "new wave" NFT collections, challenging established players like CryptoPunks. At present, Milady has a market capitalization of around $167 million, while Pudgy Penguins commands approximately $600 million and CryptoPunks leads at $1.2 billion.
Each collection has carved out its own unique identity in the crypto space. Pudgy Penguins are often associated with the cute, family-friendly side of NFTs, while Bored Apes represent flashy crypto wealth. Miladys, however, are known for their intellectual, sophisticated appeal and are sometimes linked to "evil genius hackers."
If Milady were to reach Pudgy Penguins' current market capitalization, each Milady NFT would be worth roughly $60,000 - a significant increase from current prices. If it were to achieve CryptoPunks' valuation, each Milady NFT would be about $121,500.
However, these estimations come with significant caveats. NFT trading is inherently risky, and the market is highly volatile and illiquid, making it difficult to manage large positions without significant impact on prices.
Milady's Cult Coin Launch
In December 2024, the Milady ecosystem expanded with the launch of its CULT token following a successful $20 million presale. Unique to the launch was an innovative claiming mechanism that required participants to complete an IQ test; failing the test would result in burned tokens. The test became a part of the collection's memetic culture, with community members joking about failing the impossible-to-pass assessment.
Following its launch, CULT achieved a peak market capitalization of nearly $500 million before settling around $250 million after a 48-hour period, making it a significant player in the memecoin landscape.
However, CULT's price action has been disappointing to speculators, with the overall market cap gradually dropping to under $70 million in the subsequent month. Buterin's unexpected embrace of Milady sent CULT's price soaring over 100% up to a $180 million market cap; it has now settled around $100 million.
The Controversy Surrounding Milady NFT
The Milady collection has been embroiled in controversy since its 2021 launch. The project's creator, Charlotte Fang, admitted to previously running a controversial online persona called "Miya," which was allegedly involved in problematic internet subcultures. A subsequent controversy erupted over allegations that a spin-off collection contained coded references to extremist imagery, which the creators vehemently denied.
Despite these controversies, the Milady Maker collection has retained its value and garnered attention from high-profile figures. However, potential investors should approach with caution, considering both the market risks and the project's controversial history.
Enrichment Data:
Current Market Potential of Milady NFT and CULT Token
Milady is a 10,000-piece NFT avatar collection built on the Ethereum blockchain, part of the Remilia Collective. Known for its meme-centric digital collectibles and satirical approach to internet culture, Milady has become a notable force in the NFT industry.
Controversies
Milady has faced several controversies since its launch in August 2021. Creator Charlotte Fang admitted to operating a notorious online persona called "Miya," which spread hateful content. Fang later acknowledged that her actions were juvenile.
Another controversy drew attention to a spin-off collection over allegations of featuring coded references to extremist imagery. Creators defended themselves, emphasizing that references were randomly generated.
Market Performance
Despite these controversies, Milady has shown remarkable resilience and growth. Milady Meme Coin (LADYS) has surged in the past weeks, with its price increasing by 40% in 30 days. The collection's current market cap is $150 million, and its 24-hour trading volume is $12 million.
The CULT token was launched alongside the Milady Maker collection in December 2024, following a successful $20 million presale. Unique to the launch was an innovative claiming mechanism requirement to complete an IQ test. In the subsequent 48 hours, CULT achieved a peak market capitalization of nearly $500 million before settling around $250 million.
Endorsements and Market Performance
Vitalik Buterin, the co-founder of Ethereum, endorsed Milady by changing his profile picture on Twitter to a Milady Maker NFT, signaling acceptance within the blockchain community.
Milady Meme Coin (LADYS) is finding its niche alongside other meme coins, including industry giants Dogecoin and Shiba Inu. Its rapid growth trajectory suggests potential upside, supported by its development plans to integrate NFTs, launch a play-to-earn game, and collaborate with metaverse platforms to enhance token utility.
Challenges and Risks
Despite its growth, Milady and its associated tokens face several challenges. Regulatory uncertainty, market competition from established players, and the inherently speculative nature of meme coins make for a complex landscape. These factors can impact adoption and lead to rapid price swings.
The CULT coin, launched as part of the Milady ecosystem, reached a peak market capitalization of nearly $500 million after its successful presale and innovative IQ test requirement. However, its price action has been disappointing to some speculators, with the overall market cap gradually dropping to under $100 million.
Despite the controversies surrounding Milady, high-profile figures like Vitalik Buterin have endorsed the NFT collection by changing their profile pictures to Milady avatars, which has further increased its market potential.
