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Elon Musk surprised the entire crypto market yesterday by posting an innocuous meme featuring an anime-esque character with the writing saying – “There is no meme. I love you.”. The tweet’s image is an NFT from a collection called Milady Maker that saw its value go up by 57% in the last day alone.
The crypto community has acknowledged Elon Musk as a (un)official hypeman for Dogecoin. However, veterans know of his inclination towards NFTs. And with his tweet showcasing that he bought an NFT amidst a bear market where even the staunchest of crypto supporters are having second thoughts about non-fungible tokens, there is good news for the cryptocurrency market.
Milady NFT’s Price Soar – The Elon Musk Effect
Elon Musk’s tweet showcasing his latest NFT buy has not only created much excitement for NFT enthusiasts but has also pumped the price of Milady NFT.
— Elon Musk (@elonmusk) May 10, 2023
NFTpricefloor has reported that the mint price of this NFT has gone up by a massive 266.67%. And in the past 24 hours alone, over 8603.2ETH worth of Milady NFTs have been sold, which equates to $12.06 million at press time. The highest sale price of one Milady NFT has gone up by 104.22%, and the average sale price stands at 5.3ETH, which is an increase of 50% in the last 24 hours.
Source – NFTPriceFloor
This sudden interest in NFTs, and in PFP NFTs, no less, has created a ripple effect across the crypto space that started with people responding, “I Love You Too” on the official tweet, to the price of other assets going up.
https://twitter.com/ExplainThisBob/status/1656337768400707584?s=20
The response to Elon Musk’s official tweet is a flurry of delightful memes with people showcasing their propensity for jokes. There have been thousands of replies, showcasing that the community is coming together at a time when the regulatory blows to crypto from the SEC are coming in hard.
And that is despite the controversial nature of Milady.
Milady NFT’s Rally is Surprising, Considering the Controversy
If you have been on Twitter for some time, you are aware of its unforgiving toxicity. The maker of this NFT, Charlotte Fang, once acknowledged that she was Miya, a pseudonym that she used to share tweets that many thought were racist and abusive.
The revelation led to the downfall of the NFT project at a time when the wider crypto community was about to reject NFTs altogether in response to the bear market.
However, now times have changed – and the crypto community has proven that it must come together against adversity, which has now taken the form of regressive regulations that are bent on sapping away the “freedom” aspect of cryptocurrency projects.
Milady Becomes a Battle Cry Against Choking Cryptocurrency Regulations
“Balanced and inclusive” – are not the words that we can use to describe the current proposed regulations. IMF’s recent stance towards cryptocurrency has almost made crypto trading look like a crime. Even though this appears to be hyperbole, many countries, including India and the US, are rallying behind that decision.
And to top it all off, the Security Exchange Commission’s Chairman Gary Gensler has decided to call out the crypto community as a niche “rife with non compliance”. His insistence on huddling cryptocurrencies under the umbrella of securities regulations is something that the crypto community has not received well.
In the face of this increased scrutiny, the Milady NFT has become a wartime meme among NFT traders and crypto industry professionals.
https://twitter.com/lex_node/status/1638870065033666560?s=20
Elon Musk’s NFT Purchase is The Shot in the Arm that The Crypto Markets Need Right Now
Elon Musk is a different type of figure in the cryptocurrency space. He has, as per our records, not developed any cryptocurrency project. The only interest he has shown so far is in memes and Dogecoin – which he only supports because it is a meme coin.
One single tweet from the Tesla founder has been enough to push the price of Dogecoin up. In 2021. The DOGE price flew up by more than 50% in response to his support for Doge. And in 2023, Dogecoin was hit with another good uppercut that upshot its price by more than 24% when Elon changed the Twitter bird icon with the DOGE icon.
The funny thing is most of his tweets about NFTs have been about making fun of the concept. In March 2022, two months before we entered the bear market, Elon Musk tokenized a song about NFTs. Basically, he turned a song about NFT into an NFT and posted about it on Twitter.
I’m selling this song about NFTs as an NFT pic.twitter.com/B4EZLlesPx
— Elon Musk (@elonmusk) March 15, 2021
Instances like these have always jumpstarted many NFT projects. But the more recent tweet from him featuring Milady NFT is even more significant – all because of the timeline.
The Current Crypto Market is Struggling Hard – New Cryptos Are Coming to Rescue
The current crypto market is struggling very hard. Bitcoin only once touched the $30k mark. And while the entire crypto community started to bet on BTC going beyond it, its price has retraced now. The volatility is still high, and the regulations have villainized even the good actors in the crypto space.
And it is not like this perception is entirely unfair. The LUNA fall, and the FTX betrayal did damage the image of the crypto market brutally. However, there are now major cryptocurrency projects emerging that are not focusing exclusively on providing value to users as a tradeable asset.
The new crypto projects are focused on strong fundamentals, a realistic roadmap, and a technological outlook. These projects are innovative that are trying to move blockchain tech in a direction that provides solutions to major real-life issues.
However, for those who are still into the fun aspect of NFTs, another token, known as NOMEME, has popped up in response.
This meme token’s value went up by 878% within 45 minutes of its launch of Uniswap.
The new cryptocurrency projects with utilities can only get the attention they deserve if major players like Elon Musk do something disruptive in the crypto space. And Elon Musk’s latest move is proof of that. His tweet highlighting the Milady NFT is a sign of hope to many NFT enthusiasts, and to some, it is a battle cry against regressive regulations.
But to most, it is a signal that the crypto markets are still alive and well.
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