- The Elon Musk Effect has hit the NFT scene.
- The price of Milady NFTs quadrupled on the back of a Tweet, but not for long.
- Prices for the NFTs are back where they were, and even worse.
The Elon Musk effect has been seen numerous times in crypto, especially whenever the Tesla CEO Tweets about Doge. However, an obscure NFT got the treatment recently.
Following a Tweet by Musk, which contained the Milady Maker avatar, the price of the Milady NFT collection spiked and has since quickly retracted.
The NFTs were trading around 3.4 ETH each before Musk’s influence saw them surge as much as 400%, with the Milady NFTs fetching as much as $13,700 worth of ETH at the height.
NFT Pump and Dump
The Tweet in question, which sent the price of Milay NFTs skyrocketing, came on May 10. It featured a Milady image with a meme-text overlay. The NFT project has been around since August 2021 but quadrupled in floor…
