• The price of Milady NFTs quadrupled after Elon Musk tweeted about it, but quickly retracted.
• An unrelated token called LADYS also spiked over 1,100 percent after the tweet.
• Musk’s influence is short-lived and people should not make long-term investments based simply on his tweets.
Elon Musk Tweets About Milady NFTs
Elon Musk recently Tweeted a meme featuring the Milady Maker avatar, resulting in the price of Milady NFTs quadrupling in value. On May 10th, this caused the NFTs to be worth as much as $13,700 worth of ETH at its peak.
Unrelated Token Gains Momentum
The hype surrounding Milay NFTs caused an unrelated token called LADYS to surge over 1,100 percent and reach a market capitalization of over $120 million. This happened on May 11th following Musk’s Tweet.
Price Retraces After Pump
After experiencing such a large increase in price, prices for the NFTs are now back where they were before Elon’s influence – with OpenSea showing a drop as low as 3.2 ETH being traded for them. Many holders have likely sold off their artwork for a handsome sum and taken the profits which would have driven prices back down again.
Elon Musk Warns Against Long-Term Investments
Musk has been a big supporter of Dogecoin and helped get it to record highs; however he has also advised against making long-term investments into Doge or other coins/assets based solely on his Tweets alone – advising people to “not bet the farm” on any one coin or asset class.
In conclusion, The Elon Musk effect is well known in crypto circles – however these pumps are usually short lived and do not make for wise or long-term investments decisions. Therefore investors should always exercise caution when investing into assets following any kind of Twitter hype from influencers such as Musk himself