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Milady cult still exists, is CULT the beginning or the end of NFT meme?

Milady cult still exists, is CULT the beginning or the end of NFT meme?

ChaincatcherChaincatcher2024/12/11 15:00
By:OdailyNews

The charm of CULT = shaking and rebuilding faith = self-brainwashing.

Author: Wenser, Odaily Planet Daily

Editor's Note: At 8 AM on December 9, the Meme coin CULT, which was previously raised over $20 million by Milady's founder, officially launched. CULT continues the "cult" style of Milady and its founder Charlotte Fang. Both the token distribution and the claiming page do not follow conventional norms. With the end of CULT's token issuance, PENGU is also set to launch, marking the end of the token issuance wave for once-popular NFT projects. The route of established NFT projects hoping to attract attention through token issuance seems to be gradually losing effectiveness. The original text is as follows:

This morning at 8 AM, Milady's founder @CharlotteFang77 officially announced the launch of the Meme coin CULT, after nearly six months of waiting, it can be described as "finally coming out after much anticipation." According to GMGN data, after its launch, CULT's market cap briefly reached $1.2 billion, then quickly retraced to $850 million, currently reported at $617 million. Unlike Pudgy Penguins, which has grown into a "NFT + blockchain network + IP brand" trinity, CULT, as a Meme coin launched by Milady's founder Charlotte Fang, may become the "last dance" for a single well-known NFT project to issue tokens.

Odaily Planet Daily will provide a brief introduction and market analysis of the "cult-like" Meme coin CULT in this article.

Charlotte Fang's Nth Entrepreneurship: CULT is a Byproduct of the Meme Coin Fundraising Wave

In mid-June this year, after a series of fundraising waves for Meme coins, Milady's founder @CharlotteFang77 initiated the presale fundraising for the Meme coin CULT, raising 4,809 ETH in just a few hours, ultimately raising 5,861.8 ETH (worth about $20.5 million). Notably, according to Arkham monitoring, the Remilia Collective has raised $20 million worth of ETH for the CULT token presale, and originally this project's fundraising plan was set to last seven days, but unexpectedly, the fundraising amount was sold out in just six hours.

Just when the market expected it to seize the momentum and launch the CULT token early, the direction of events began to exceed the expectations of the fundraising participants.

After waiting for more than a month, there was still no news about the launch of the CULT token.

It wasn't until July 18 that the project's official Twitter account posted a promotional video, captioned "You have seen their capabilities. Now it's our turn. RWO." This was speculated by the community to indicate that the CULT token was about to launch.

However, the "cult-like style" that Milady and its founder Charlotte Fang are known for clearly would not follow the usual playbook.

On July 27, the CULT official announced that the telegram channel for the CULT community had been opened. This move was once again interpreted by community members as a sign that "the token is imminent," and subsequently, pre-market trading platforms Aevo and Whales Market began listing CULT for pre-market trading, at that time the price of CULT was only around $0.015, corresponding to an FDV of about $150 million.

Thus, market expectations were once again raised, with countless people eagerly hoping that the highly active Milady community in the Meme coin space could bring a new wave of "ETH Meme coin wealth effect." However, what followed was another long wait of over four months.

On December 6, media reports indicated that the CULT token had still not been released, causing dissatisfaction within the community. In response, Scorched Earth Policy, chief of staff at Milady's parent company Remilia, stated: "Yes, the token is being released. Beyond that, I cannot elaborate on the reasons for the delay. I can only say that we have ample reasons for what we are doing, and everything is about ensuring we make the right decisions for the community."

Meanwhile, some community members believe that this delay is part of a psychological game, leading to the Remilia World Order (RWO). A presale participant, who calls himself a member of the Cult, stated, "I think the charm of CULT lies in faith. Being confident in uncertainty and relying on one's beliefs. It's simple, just don't worry, have confidence in your beliefs, and I think this is also a lesson in life. In life, you can't always control everything, it's okay to let go, and freedom is possible."

This statement reflects the Milady community's typical "self-brainwashing rhetoric."

Subsequently, Charlotte Fang addressed community members' questions, stating: "CULT is an ecosystem currency, and its ecosystem is designed ideologically as a self-organizing meme engine. It is not just about packaging a meme or character, but a revolutionary movement. I believe it is a truly new category, similar to meta-meme coins or meme composite coins."

Then, just today, CULT finally made its official debut. Strictly speaking, this is already Charlotte Fang's Nth entrepreneurial venture—she has previously launched tokens, Milady NFTs, and several other projects. For more information about Charlotte Fang, you can refer to the article "The Untold Story of Charlotte Fang, the Founder of NFT 'Cult' Milady."

CULT: More than a Meme Coin, It's the Meta Meme Coin of a "Cult-like Community"

As Charlotte Fang previously emphasized, it is difficult to view CULT as merely a Meme coin, after all, according to its lengthy 16-page white paper—

The total supply of CULT tokens is 10 billion;

  • Of which 50% will be reserved for the "cult fund" (half will be allocated at the time of token issuance, and the other half will be used for seasonal distribution);

  • The presale share can account for up to 15%, fully circulating at the time of token issuance;

  • The team received 15% of the supply, with a lock-up period of 18 months;

  • The distribution to the Remilia treasury accounts for 20% to 35%, with a lock-up period of 6 months.

Milady cult still exists, is CULT the beginning or the end of NFT meme? image 0

CULT Token Economics

In addition, the token claiming process for CULT differs from previous Meme coin projects, as it requires participants to answer questions, draw beetles, and find square symbols to claim tokens. If answers are incorrect or drawings do not meet standards, the token claiming interface will display messages like "You failed the shape test, your CULT tokens will be reduced to 50%, thank you for your participation," which has led to dissatisfaction among many and further spread.

Milady cult still exists, is CULT the beginning or the end of NFT meme? image 1

Shape Selection Question

Subsequently, some community members discovered that this move might be intended to "convey community panic." It must be said, this is indeed something the Milady community is capable of.

Milady cult still exists, is CULT the beginning or the end of NFT meme? image 2

CULT Token Claiming Interface

Finally, as reminded by community members, the CLUT official website also marked the token claiming deadline—"Please note, if users earn Beetle game points to claim Remilia CULT tokens, you have 7 days to claim."

According to information released by the CULT official account, the beetles drawn by users participating in the CULT token claiming are quite varied and possess strong Meme attributes, even saying they are "extremely abstract" would not be an exaggeration.

Milady cult still exists, is CULT the beginning or the end of NFT meme? image 3

Varied Beetle Drawings

Currently, the price of CULT tokens is reported at $0.0064, with a market cap of approximately $642 million.

Compared to the upcoming total of 88.8 billion PENGU tokens and the floor price of Pudgy Penguins NFTs reaching 20 ETH (about $80,000), Milady Maker's floor price briefly surpassed 7.2 ETH in early December but has since fallen back to 5.2 ETH (about $20,000). The nearly 9-fold difference in supply and nearly 4-fold difference in floor price suggest that the estimated market cap for PENGU is around $2.5 billion to $3 billion, which aligns reasonably with the previous prediction of a $1.5 billion to $3 billion market cap in the article "Pudgy Penguins Launch Token, Community Predicts Airdrop Earnings Exceeding $30,000."

In summary, whether CULT can break through the "Meme coin concept shackles" and aim for a market cap of $2 billion or higher still depends on the continued promotion and outreach of the Milady community; otherwise, $1 billion to $1.5 billion may become its upper ceiling.

Conclusion: The Token Issuance Wave of NFT Projects is Coming to an End, NFT Projects Urgently Need to Transform

With the end of CULT's token issuance, PENGU is also about to launch, which signifies that once-popular NFT projects have entered the tail end of the token issuance wave.

Although blue-chip NFTs like Azuki have yet to officially launch their project tokens, the previous strategy of generating hype, attracting attention, and liquidity through token issuance has gradually become ineffective for NFT projects that are now facing developmental challenges.

Whether they can enter the next stage of the crypto market is a "systemic problem" that many NFT projects urgently need to solve.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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