The non-fungible token (NFT) community on Twitter awaits another subtle Milady shill from Elon Musk in hopes of a rally in the NFT collection’s floor price, similar to the one seen earlier this month.
Blockchain analytics firm Nansen shared the Milady collection declining price on Twitter earlier today in hopes of another price-rocketing tweet from Musk.
Can Elon tweet about Miladys again to save the chart? pic.twitter.com/zSKIFwqAOU
— Nansen 🧭 (@nansen_ai) May 25, 2023
Nansen’s tweet came amid Miladys’ tumbling floor price and declining trading volume. The NFT collection’s floor price has tanked 40% over the past seven days, going from 5.4 ETH to its current 3.1 ETH. The declining percentage reaches more than 46% when compared to the all-time high that the Milady collection achieved after Elon Musk’s tweet earlier this month.
Data from the popular NFT marketplace OpenSea shows that the Milady collection’s trading volume has decreased by a whopping 75% since Elon Musk tweeted a meme featuring a Milady avatar on May 10, 2023. The trading volume went from 7433 ETH ($13.7 million) to 1807 ETH ($3.2 million) in just two weeks.
The NFT community was taken by storm earlier this month after Elon Musk shared the Milady-themed picture on Twitter. The picture read, “There is no meme. I love you.” Despite the ambiguous tweet, opportunistic traders rushed to acquire digital art from the Milady collection, leading to a 50% hike in its floor price and a 500% hike in sales.
Musk’s Milady tweet was viewed by more than 35 million Twitter users. The tweet received more than a quarter million likes and over 25,000 retweets. The sheer reach and engagement of the tech entrepreneur’s inadvertent shill, has left the online NFT community wishing for another tweet in hopes of a renewed rally. While the increase in the Milady collection’s floor price was short-lived, Elon’s tweet left a relatively lasting impact on the NFT collections’ volume.
