As a seasoned researcher with years of experience in the dynamic world of blockchain and cryptocurrencies, I’ve witnessed the rise and fall of countless projects. The launch of Cult, the meme coin associated with the Milady NFT project, has certainly caught my attention, not just because of its meteoric rise in value, but also due to the unique approach it seems to be taking within this space.
Last Thursday, the team behind the Milady NFT initiative unveiled their highly anticipated Cult digital currency – a meme-based token functioning on the Ethereum blockchain. The interest in the Cult meme coin has already reached unprecedented heights, with its fully dilated market capitalization surpassing an impressive $600 million.
After last Thursday’s launch, the fully diluted market capitalization (FDMC) of the token skyrocketed to an impressive $845 million based on Dexscreener data. However, it has since experienced a slight decline from its peak and is currently hovering around $630 million in FDMC as the token’s price continues to fluctuate following the initial surge.
In June 2024, the creators of Milady Maker NFTs and other projects, known as Remilia Corporation, launched the Cult token. During its pre-sale, they managed to collect more than $20.5 million.
In the initial phase, 50% or half of the 10 billion tokens in circulation have been earmarked as the “Cult Fund”. At the token’s launch, half of this fund was distributed, while the rest is reserved for periodic distributions.
The team was given 15% of the supply on the condition that it would become available to them over an 18-month period. Meanwhile, the Remilia project’s funds were distributed between 20% and 35%, depending on pre-sale participation, with a vesting period of six months.
Meme Coin Cult Launch Comes with Airdrop
As a researcher delving into the digital currency sphere, I recently came across an intriguing development: the debut of the Cult meme coin. This new token is accompanied by an airdrop aimed at collectors and traders of Remilia Corporation NFTs, notably the Redacted Remilio Babies and Milady Maker.
Last week, the head of Remilia Charlotte Fang addressed rising worries regarding the X platform, clarifying that their coin, Cult, differs significantly from conventional meme coins. In other words, Cult isn’t similar to the “Milady coin”. To explain further, Fang penned:
This digital currency represents a unique ecosystem that operates autonomously and serves as a catalyst for a cultural revolution, not merely a platform for a single meme or character. It might be more accurately described as a ‘metameme coin’ or a ‘memeplex coin’, signifying its innovative nature within the crypto sphere.
NFT initiatives are attempting to capitalize on the current hype surrounding meme coins as a means to rejuvenate the entire sector. Specifically, the world’s second-largest NFT collection, Pudgy Penguins, is introducing its own cryptocurrency named PENGU. A quarter of this currency’s total supply will be distributed among its community members.
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2024-12-09 15:30