Milady NFT Creators Launch Cult Meme Coin with $630 Million Valuation
The Milady NFT project creators announced the launch of the Cult cryptocurrency, a meme coin on the Ethereum blockchain. Demand for Cult has surged, with its fully diluted value (FDV) exceeding $600 million.
Shortly after the launch last Thursday, the FDV peaked at $845 million but has since stabilized around $630 million as the token price fluctuates, according to Dexscreener data. The Remilia Corporation, behind the Milady Maker NFTs, introduced the Cult token in June 2024, raising over $20.5 million during a pre-sale.
During the pre-sale, 50% of the total 10 billion token supply was allocated to the "Cult fund," with half distributed at launch and the remainder reserved for seasonal distribution. The team received 15% of the supply, subject to an 18-month vesting period, while the Remilia project treasury received between 20% and 35%, with a six-month vesting period.
Meme Coin Cult Launch Comes with Airdrop
The Cult meme coin launch included an airdrop for holders and traders of Remilia Corporation NFTs, such as Redacted Remilio Babies and Milady Maker. Anticipation grew among investors due to cryptic memes and teasers shared by the team and community on social media.
Charlotte Fang, leader of Remilia, clarified concerns on the X platform, stating that Cult differs fundamentally from typical meme coins and does not resemble the "Milady coin." Fang described it as “an ecosystem coin for an ecosystem that is by ideological design a self-organizing memetic engine, not wrapping just a meme or character but a revolutionary movement,” suggesting it represents a new category akin to a metamemecoin or memeplexcoin.
NFT projects are leveraging the current meme coin trend to revitalize the industry. For instance, the second-largest NFT collection, Pudgy Penguins, plans to launch its official cryptocurrency PENGU, distributing one-fourth of its supply to the community.