Original | Odaily Planet Daily ( @OdailyChina )
Author: Wenser ( @wenser 2010 )
At 8 am today, the Meme coin CULT, which the founder of Milady had previously raised over 20 million US dollars, was finally officially launched . After nearly six months of waiting, it can be said that it finally came out after much anticipation. According to GMGN data , the market value of CULT once reached 1.2 billion US dollars after its launch, and then quickly fell back to 850 million US dollars. It is currently reported at 617 million US dollars. Different from Pudgy Penguins, which has grown into a trinity of NFT+blockchain network+IP brand, as a Meme coin launched by Charlotte Fang, the founder of Milady, the successful launch of CULT may become the last dance of a single well-known NFT project.
In this article, Odaily Planet Daily will briefly introduce CULT, a meme coin with a cult atmosphere, and analyze its future market trends.
Charlotte Fang’s Nth Entrepreneurship: CULT is a legacy of the meme coin fundraising boom
In mid-June this year, after Meme coin experienced a round of fundraising boom, Milady founder @CharlotteFang 77 launched the pre-sale fundraising of Meme coin CULT , and raised 4,809 ETH in just a few hours, and finally raised 5,861.8 ETH (worth about 20.5 million US dollars). It is worth mentioning that according to Arkham monitoring , Remilia Collective has raised 20 million US dollars worth of ETH for the pre-sale of CULT tokens, and the original fundraising plan for this project lasted for seven days, but it was unexpected that the fundraising quota was sold out within 6 hours.
Just when the market thought that it would strike while the iron is hot and launch the CULT token as soon as possible, the direction of events began to exceed the expectations of the fundraising participants.
After waiting for more than a month, there is still no news about the launch of CULT tokens.
It was not until July 18 that the project’s official Twitter account released a promotional video on X, with the caption “You’ve seen what they are capable of. Now it’s our turn. RWO.” The community speculated that the CULT token would be launched soon.
But Milady and its founder Charlotte Fang, who have always been known for their cult style, obviously do not play by the rules.
On July 27, CULT officially announced that the telegram channel for the CULT community has been opened. This move was once again considered by community members as imminent coin issuance, and then the pre-market trading markets Aevo and Whales Market also listed CULT pre-market trading. At that time, the price of CULT was only around $0.015, corresponding to an FDV of about $150 million.
In this way, market expectations were raised again, and countless people were eagerly looking forward to it, hoping that the highly active Milady community in the Meme coin track could bring a new wave of ETH Meme coin wealth-making effect. But what followed was another long wait of more than 4 months.
On December 6, according to media reports , the CULT token has not yet been released, which has caused dissatisfaction in the community. In this regard, Scorched Earth Policy, chief of staff of Miladys parent company Remilia, said: Yes, the token is being released. Other than that, I cant elaborate on the reasons for the delay. I can only say that we have good reasons to do what we are doing, and everything revolves around ensuring that we make the right decisions for the community.
Meanwhile, some community members believe that the delay is part of a psychological war that will lead to the Remlia World Order (RWO). Virtue , a pre-sale participant and self-proclaimed Cult member, said, I think the charm of CULT is faith. Have faith in uncertainty and rely on your own beliefs. Its simple, just dont worry and have faith in your beliefs. I think this is also a lesson in life. You dont always have control over everything in life. Its okay to let go and its okay to be free.
This statement is the usual self-brainwashing speech of the Milady community.
Later, Charlotte Fang responded to the questions raised by community members by posting : “CULT is an ecosystem currency. Its ecosystem is a self-organizing meme engine in terms of ideological design. It is not just a packaged meme or character, but a revolutionary movement. I think it is a truly new category, similar to a meta-meme coin or a meme compound coin.”
Then, just today, CULT was finally officially launched. Strictly speaking, this is already Charlotte Fang’s Nth entrepreneurial venture. Previously, she had issued tokens, Milady NFT and other projects. For more information about Charlotte Fang, please refer to The Untold Story of Charlotte Fang, the Founder of NFT Cult Milady One article.
CULT: Not just a meme coin, but also a meta-meme coin for a cult-like community
As Charlotte Fang previously emphasized, it is difficult for us to regard CULT as a pure Meme coin. After all, according to its 16-page white paper information——
The total supply of CULT tokens is 10 billion;
50% of this will be reserved as a “cult fund” (half will be distributed at token launch, and the other half will be used for seasonal distributions);
The pre-sale share is up to 15%, and all tokens will be circulated when they are issued;
The team received 15% of the supply, with an unlock period of 18 months;
Remilias treasury allocation accounts for 20% to 35%, and the unlocking period is 6 months.
CULT Token Economics
In addition, the claiming of CULT tokens is different from the direct claiming of previous Meme coin projects. Instead, it needs to be claimed through games such as answering questions, drawing beetles, and finding block logos. If the answer is wrong or the drawing is not up to standard, the token claiming interface will pop up a reminder such as You failed the graphics test, your CULT tokens will be reduced to 50%, thank you for your participation. Many people expressed dissatisfaction with this, which also triggered further spread.
Graphical multiple choice questions
Later, some community members found that this move might be intended to spread community panic. It has to be said that this is indeed something that the Milady community can do.
CULT token claim interface
Finally, after being reminded by community members, the CLUT official website also marked the time limit for claiming tokens - Please note that if users earn Beetle game points to claim Remilia CULT tokens, you have 7 days to claim them.
According to the information released by the official CULT account , the beetles drawn by users who participated in the CULT token application are also bizarre and have a lot of meme attributes. It is not an exaggeration to say that they are extremely abstract.
Strange beetle portraits
Currently, the CULT token price is temporarily reported at US$0.0064, and the market value is temporarily reported at US$642 million.
Compared with the total number of 88.8 billion PENGU tokens that Pudgy Penguins is about to release and the floor price of the fat penguin NFT of up to 20 ETH (about US$80,000), the floor price of Milady Maker briefly exceeded 7.2 ETH in early December and has now fallen back to 5.2 ETH (about US$20,000). With a supply gap of nearly 9 times and a floor price gap of nearly 4 times, the market value of PENGU is estimated to be around US$2.5 billion to US$3 billion, which is more reasonable than the market value of US$1.5 billion to US$3 billion predicted in the previous article Fat Penguin Issues Coins, Community Predicts Airdrop Income to Exceed US$30,000 .
In summary, whether CULT can break through the Meme coin concept shackles and impact the market value of 2 billion US dollars or even higher, still depends on the continuous publicity and cross-circle dissemination of the Milady community. Otherwise, 1 billion to 1.5 billion US dollars may become its upper ceiling.
Summary: The NFT project issuance wave is coming to an end, and NFT projects are in urgent need of transformation
With the completion of CULT coin issuance, PENGU is about to be launched, which also means that the once popular NFT project has entered the end of the coin issuance boom.
Although blue-chip NFTs such as Azuki have not yet officially launched project tokens, the previous development route of issuing coins to create gimmicks, attract attention and even liquidity has gradually become ineffective for NFT projects that are now in a development dilemma.
Whether or not to enter the next stage of the crypto market is an industry problem that many NFT projects urgently need to solve.
