• Elon Musk’s tweet caused a surge in the price of Milady NFTs, quadrupling their floor price.
• The hype and excitement surrounding this obscure NFT has since faded, with prices returning to pre-tweet levels.
• Musk has warned investors not to “bet the farm” on Dogecoin or other investments influenced by his tweets.
The Elon Musk Effect
Elon Musk is no stranger to causing a stir in the crypto world, particularly when it comes to Dogecoin. His latest influence was recently seen on an obscure NFT project known as Milady Maker. Following a tweet featuring their avatar, the price of Milady NFTs quadrupled within hours.
NFT Pump and Dump
The Tweet in question sent the price of Milay NFTs skyrocketing and saw them fetching as much as $13,700 worth of ETH at its peak. Unrelatedly LADYS token also spiked over 1,100 percent after seeing a market capitalization of over $120 million following Musk’s influence. However, this pump did not last long and prices quickly returned to normal soon after.
What Goes Up…
It seems that those who held onto their NFTs before Musk’s intervention have sold off for hefty profits – driving the price down significantly even lower than before his Tweet. Prices are now back at where they were before any influence from Musk’s post was felt.
On The Flipside
Musk has been a big supporter of Dogecoin but he also reminded investors not to fully invest their money into it – or any investment influenced by him – warning that it could be dangerous if done so without caution.
Why This Matters
The ‚Elon effect‘ is well-known among cryptocurrency traders and investors as people look towards his Tweets for insight into potential pump opportunities – though these pumps are typically short-lived and do not make for wise investments in the long term..