Elon Musk’s tweet to his nearly 140 million followers on Twitter led to a significant surge in the value of a specific non-fungible token (NFT) on Wednesday.
Musk’s tweet featuring a meme of the Milady NFT has subsequently gained immense popularity.
“There is no meme,” Musk tweeted on the image. “I love you.”
According to the OpenSea marketplace, Milady Maker is a collection of 10,000 profile NFTs.
As of Wednesday afternoon, the cartoon-like character NFTs in the Milady Maker collection were priced at approximately 5 ETH each.
According to the website, the style of the NFTs in the Milady Maker collection is inspired by
the subcultural fashion tribes of Y2K Japan.
According to CoinGecko, the day before, the NFTs in the Milady Maker collection were trading at around
3 ETH, but they experienced a significant increase to approximately 5.7 ETH, nearly doubling in value.
Milady Maker responded to Musk’s tweet by retweeting a reply that featured an image with text overlay
saying, “Sometimes I get scared but then I remember.
Elon Musk’s Tweets: A Catalyst for Price Surge
Another cryptocurrency product experienced a surge in popularity after Musk tweeted about it.
Last month, Musk replaced the Twitter logo with the image of a Shiba Inu dog, which is associated with the cryptocurrency Dogecoin. Elon Musk’s Meme Tweet Leads to Nearly Doubling of Milady NFT Price
As a result of that action, Dogecoin experienced a rapid surge of over 30% within a span of approximately 48 hours.
Musk acquired Twitter in October following months of negotiations and discussions.
The billionaire is also the founder of Tesla, an electric car manufacturer, and SpaceX, a company that specializes in rocket production. Elon Musk’s Meme Tweet Leads to Nearly Doubling of Milady NFT Price