One of the world’s richest and most prominent people has the ability to cause price movements in stocks, cryptocurrencies — and as the world found out Wednesday — even non-fungible tokens.
Here’s a look at the meme tweeted by Elon Musk and the impact it had.
What Happened: Known best as the CEO of Twitter, Tesla and SpaceX, Musk is one of the most influential people in the world. Musk is also the most followed person on Twitter with more than 139 million followers.
Having a wide network of followers and influence can often lead to high volatility in stocks and cryptocurrencies that Musk tweets about.
In 2021, Dogecoin DOGE/USD enjoyed a strong surge in valuation and interest on its way to all-time highs in May of the same year.
Musk often tweeted about the meme cryptocurrency and supported it in any way he could. This also included an appearance on “Saturday Night Live,” when Musk highlighted what Dogecoin was to viewers.
Known as a general hater of non-fungible tokens, Musk took Twitter by storm with a tweet of a meme that featured a controversial NFT project.
The tweet from Musk featured the caption “there is no meme, I love you” and had a character from the Milady Maker NFT project.
Musk’s tweet has been seen by nearly 12 million people, has more than 116,000 likes and generated over 12,000 retweets and quote tweets as of the time of writing.
— Elon Musk (@elonmusk) May 10, 2023
The strong engagement and interest also sent the floor price of Milady Maker NFTs surging, hitting all-time highs of 7.3 Ethereum ETH/USD, or more than $13,500.
Twitter user @djohnson_cpa highlighted an 80% jump in the price of a Milady in 15 minutes.
NFT data website Cryptoslam showed Milady Maker as the top NFT in sales volume in the past 24 hours at $8.4 million, an increase of 4,781.99% from the previous 24 hours. Milady Maker ranked as the top NFT by sales volume for the week at $11.22 million, up 261.3% from the previous week.
On OpenSea, Milady Maker is the number one NFT for sales for many time periods, with a six-hour trading volume of 5,338.1 ETH and more than 960 sales as of the time of writing.
The floor price for a Milady Maker is 5.16 ETH, or $9,478 at the time of writing.
Related Link: How To Buy NFTs
Why It’s Important: Milady Maker is a collection of 10,000 NFTs in a “neochibi aesthetic inspired by street style tribes,” according to the company’s OpenSea page.
The collection has seen its share of controversies over the past several years including conspiracy theories and slurs linked to the project’s creator Remilia, according to Coindesk. Remilia’s former CEO previously admitted to being behind offensive tweets posted before leaving the project.
Milady Maker NFTs fell in value after the collection’s founder was previously linked to lies spreading online hate against several minority groups.
Now seen as a counterculture collection and a project fighting back against cancel culture, Musk’s support has been questioned by many on Twitter and could be seen as a troll against NFTs in general.
Musk has previously lashed out against NFTs and once changed his profile picture on Twitter to a collage of several NFTs from the popular Bored Ape Yacht Club collection to post “I dunno…seems kinda fungible,” poking fun at the definition of an NFT.
Musk also previously criticized Twitter for allowing users to change their profile picture to a verified NFT, instead of focusing on cutting down on crypto scammers and spam.
“NFTs are jpeging the dollar,” Musk once told Dogecoin co-creator Billy Markus.
Troll job or not, Musk has sent Milady Maker NFTs soaring in value.
Read Next: Elon Musk Takes A Dig At NFT Buyers, Suggests They Are Hallucinating
Photo: Photos by Brian Bald and TED Conference, Flickr Creative Commons
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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