NFT
Prices of the popular Milady NFT collection have retracted gains from recent weeks as holders likely took profits on a move influenced by a tweet from Elon Musk.
Earlier in May, the Milady collection peaked after receiving recognition from Twitter owner Musk who tweeted a photo of a Milady avatar with the words “There’s no meme, I love you” superimposed on the photo. Each NFT at the time traded for 3.4 ether.
That prices immediately jumped by as much as 200%, with each Milady raking in $13,700 worth of ether (ETH) at its peak. Elsewhere, an unrelated LADYS token spiked thousands of percent, reaching a market cap of over $120 million.
All gains have since been reversed, as the NFT collection is now back at pre-Munk prices, data from OpenSea analytics shows, falling to just 3.2 ether per NFT on Thursday.
This is similar to the price action seen in dogecoin (DOGE) – which enjoys Musk’s backing – which usually peaks when it is mentioned by the trader. These jumps are short-lived, however, as traders and automated bots pile up the tokens Musk mentioned after his Twitter comments only to sell for a nice profit days later.
This is usually seen in price charts as a short-term spike and a gradual sell-off.