Key Points:

  • Elon Musk drove the price of Milady NFTs soaring on Wednesday after tweeting a Milady joke.

  • Milady NFT sales and the project’s floor price increased shortly after Musk wrote.

  • It’s not the first time Musk has used Twitter to drive up the price of digital assets.

The crypto world is buzzing over billionaire Elon Musk’s next action. Instead of discussing Dogecoin (DOGE), Tesla’s CEO did something entirely different this time: he shared a photograph of an NFT.

Elon Musk picked Milady, an NFT collection that has appeared in the crypto industry since April 2022 but has also been contentious because of the founder’s controversy.

Elon Musk posted a meme using the clearly identifiable mascot from the Milady NFT collection on Wednesday, much to the joy of many Milady NFT holders:

“There is no meme, I love you.”

After this, the digital collectible’s floor price climbed to unprecedented heights on the OpenSea marketplace.

According to data from the major NFT marketplace, the entry-level price for the collection on crypto marketplaces immediately jumped from 3.75 ETH to 5.41 ETH. As of Wednesday afternoon, sales of Milady NFTs had surged by a factor of 900% over the previous twenty-four hours, and the floor price had jumped by over half. The NFT collection’s transaction volume increased by more than 1500%.

Miladys is a profile-pic (PFP) NFT with 9,823 NFTS with wide-eyed childish features. Despite the harmless picture, the collection has sparked debate due to conspiracy theories and insults published by the project’s author, known as Charlotte Fang, Charlie Fang, or Charlemagne.

The CEO of Remilia acknowledged being behind an insulting Twitter account and other tweets and quit the enterprise.

It’s not the first time Musk has used Twitter to drive up the price of digital assets; the Milady meme is the most recent example. The price of Dogecoin increased over the previous month when Musk altered Twitter’s official logo to include the famous canine meme portraying a Shiba Inu dog.

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Harold

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