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coinpedia 2024-12-10 10:54:10

Cultcoin Soars to $845M FDV, Backed by Milady NFT Community

Cultcoin Soars to $845M FDV, Backed by Milady NFT Community

The post Cultcoin Soars to $845M FDV, Backed by Milady NFT Community appeared first on Coinpedia Fintech News The crypto market took a major hit, losing $267 billion and dropping below $3.49 trillion in value. Bitcoin also fell hard, slipping to $96,751 after failing to stay above $100,000. If the slump continues, it could drop further to around $95,668, with the entire market at risk of falling closer to $3.10 trillion. While the bigger coins take a dip new coins are creating diverse investment opportunities for investors. Cultcoin, the latest buzz in the crypto sphere, made its grand debut with a Fully Diluted Valuation (FDV) exceeding $600 million. Created by Remilia Corporation, the same team behind the popular Milady NFT collection, Cultcoin’s launch was highly anticipated, drawing the attention of traders and NFT enthusiasts alike. The token officially went live last Thursday, sparking a trading frenzy. Its FDV skyrocketed to $845 million shortly after launch but later stabilized at around $630 million, according to Dexscreener data . Cultcoin’s initial success underscores its unique appeal as both a memecoin and an ecosystem-building asset. From NFTs to Crypto Stardom The journey of Cultcoin began in June when the project raised over $20.5 million during its pre-sale. The tokenomics reflect a structured approach to community growth and development, with half of its 10 billion supply allocated to the “Cult fund.” This fund supports both immediate and seasonal distributions, ensuring long-term ecosystem sustainability. Additionally, early backers and holders of Milady Maker and Redacted Remilio Babies NFTs received airdrops, further intertwining the token with Remilia’s thriving NFT ecosystem. Not Just Another Memecoin Boosting the community interest, Charlotte Fang, a prominent figure in the Remilia community, emphasized that Cultcoin is more than a meme token. Fang described it as a “metamemecoin” or “memeplexcoin,” designed to power a self-organizing, ideologically driven ecosystem. Fang clarified on social media that Cultcoin should not be mistaken for a simple Milady-branded token but rather seen as a groundbreaking project in its own right. Cultcoin’s success mirrors a growing trend of NFT projects expanding into cryptocurrency. Pudgy Penguins, another major NFT collection, recently announced its own token, Pengu, with plans for substantial community airdrops. Whales Already Cashing In In a jaw-dropping move, an Ethereum trader turned 500 ETH ($1.99 million) into a lucrative $1 million profit by sniping 467.64 million CULT tokens. The trader paid a hefty 100 ETH ($398,000) as a “bribe fee” to secure the first purchase of $CULT tokens, a strategy that paid off handsomely. After selling 267.64 million CULT tokens for 432 ETH ($1.72 million), the savvy investor still holds 200 million CULT tokens worth around $1.32 million. With 10 new airdrops scheduled in December, this will be a month where traders can divert their investment for better returns but do your own research before dropping into the airdrop show. Hence, whether it’s a revolution or a new category altogether, Cultcoin’s story is just beginning.

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