Milady NFT creator Remilia has launched the much anticipated Cult memecoin. The Ethereum-based memecoin went live when its official X handle declared that the token generation event (TGE) was underway.
The launch comes after much anticipation and hype from the market about the token’s launch, giving it the much required push in the market.
Cult Memecoins Goes Live
Launched Thursday, Cult, the eagerly awaited cryptocurrency from the people behind the Milady NFT project, saw its fully diluted value soar above $600 million.
Data from Dexscreener shows that the token’s FDV jumped immediately after launch, peaking at $845 million. Since the token price fluctuated following the initial rally, the amount has since decreased to about $630 million as of this writing.
The launch comes as the memecoin world has seen a steady rise giving the market a chance to mint huge profits out of memecoins. This has resulted in an increased demand for meme based cryptocurrency, with investor capital flowing in huge numbers for the alternative crypto.
Is Cult Just Another Memecoin?
Most investors are now more interested in riskier ventures due to the expansion of the global money supply. As a result of the trend change, a significant amount of capital has been invested in cryptocurrencies such as Ethereum and Bitcoin.
The other end of this money flow consists of memecoins, which are investments for excess funds that are high risk and high reward. At the same time, many private investors are searching for new opportunities to generate income, indicating that traditional finance is evolving.
Along with reducing insider advantages, memecoins aim to provide investors worldwide with fair access.
However, Remilia’s leader, Charlotte Fang, stated last week on X that Cult is “fundamentally different” from a typical memecoin and shouldn’t be regarded as a “Milady coin.”
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Remilia’s Market Grip Likely To Benefit Cult
With the launch of the CULT memecoin, Remilia likely has expanded on a market territory that will give the NFT creator a huge profit. Same way, the popularity for Remilia is likely to give CULT prices a push in future.
Several significant crypto and NFT communities are powered by the Remilia Corporation project. Its main offerings are derivative projects like Remilio Baby and the Milady Maker NFT collection.
A pre-sale for the CULT Ethereum token was announced on June 13 by the Milady Cult Twitter account. On the Milady website, this raised $20.53 million prior to the launch. These days, the money is kept in a multisig Gnosis wallet. Currently, $21.4 million, primarily in Ethereum and Tether, is stored in this wallet.