Elon Musk's Tweet Triggers Milady NFT's Price To Skyrocket, Boosts Sales By 500%

Twitter CEO Elon Musk has done it again. The crypto evangelist recently tweeted a GIF of a subculture NFT, boosting the digital collectible's sales to as high as 500% and sending its floor price to skyrocket, allowing it to surge to the top trending spot on the marketplace.

Over the years, Musk has had a sweeping impact not only in introducing game-changing technologies and products to the world, but also in sending the prices of crypto assets like Dogecoin to skyrocket.

This week, Musk shared a GIF of a Milady NFT saying, "There is no meme, I love you," which significantly impacted the Non-Fungible Token's (NFT's) performance in ways never before seen.

Musk's simple tweet triggered the NFT's floor price to see a 59% boost over the past seven days, pushing it to hit an all-time-high floor price of 7.3 ETH ($13,700), before it slowly fell back to 5.6 ETH ($10,509) a few hours later.

Moreover, Musk's tweet boosted Milady's sales, increasing it by a factor of 500% over the previous 24 hours.

Milady's recent performance also allowed it to climb to the top trending NFT spot in the popular Non-fungible Token marketplace OpenSea.

Musk's tweets, have in the past, caused the price of the world's first-ever meme coin, Dogecoin, to rally.

Last month, the tech billionaire changed his profile picture to Shiba Inu--the popular mascot of the meme coin--causing it to rally over the course of April.

The massive surge in the demand for the Milady NFT collection, following Musk's tweet, underlines the significant impact of high-profile individuals on the market.

And while many consider this a positive development, others cautioned against heavily relying on influencers and personalities, noting that the value of an NFT should be based on its artistic and cultural value.

The Milady NFT is a collection of 9,823 NFTs featuring wide-eyed childlike faces of profile picture non-fungible digital collectibles.

Even before Musk's indirect endorsement, Milady attracted a lot of attention within the NFT community when it faced controversies and birthed conspiracy theories after the creator of Remilia and the NFT initiative admitted to being behind the Twitter account that tweeted offensive slurs and subsequently left the project.

As of 3:10 a.m. ET on Thursday, Milady NFT saw a 31.6% increase in its floor price over the past 24 hours and was trading at 4.97589 ETH ($9,114.77) with a 24-hour volume of 8,218 ETH, based on the latest data from CoinGecko.