The world of cryptocurrency took an interesting turn today following a tweet by Elon Musk, Twitter owner and CEO, that featured a Milady Maker NFT. Musk’s tweet displayed an anime-style Ethereum NFT with the caption “There is no meme. I love you.” The tweet has already amassed more than 4 million views and tens of thousands of interactions in under an hour. The impact of the tweet was felt in the crypto market as the value of Miladys NFTs skyrocketed following Musk’s tweet.
The sudden spike in Miladys NFT price reverberates with a similar pattern observed in the not-so-distant past when Musk’s tweets left profound impacts on the value of other cryptocurrencies such as Dogecoin. According to data from NFT Price Floor, the entry-level price for Miladys NFTs on secondary markets leaped from 3.75 ETH ($6,920) to 5.25 ETH ($9,700), marking an astonishing 57% increase in no time.
While this surge in value might elicit enthusiasm from Milady NFT holders and those in the Web3 space, it is important to remember that the project has had its fair share of controversy. In May last year, Milady Maker faced backlash, with the value of its NFTs plunging after its creator, Charlotte Fang, acknowledged operating a pseudonymous Twitter account that shared racist and abusive tweets. As a result, Fang stepped down from the project.
The recent events surrounding Milady Maker NFTs raise some intriguing questions about the role influencers like Elon Musk play in shaping the cryptocurrency landscape. With the power to significantly impact the value of digital assets through their social media presence, influencers like Musk have the ability to sway the market in a matter of minutes, leaving some mixed feelings in the crypto community.
On one hand, such influential tweets can create sudden and unexpected opportunities for profits among crypto enthusiasts. On the other hand, they might also lead to short-sighted market volatilities that obfuscate the actual value of the underlying assets. This directs our attention to the imminent need for stability and predictability in the ever-evolving crypto market.
In conclusion, the Milady Maker NFTs example serves as an eye-opening incident that reflects the market’s susceptibility to external influences like influential tweets. In the same breath, it highlights the essence of knowing when and how to react to such events to make the most out of the given situation. As the crypto market continues to evolve, investors and enthusiasts alike must remain vigilant and informed to navigate the constantly changing landscape safely and effectively.
Source: Decrypt
