CandleFocus

Milady CULT token reaches $500M market cap, launches updated white paper

Author: Content Editor
The CULT token, created by Remilia Corporation, was launched through an airdrop to the Milady NFT community. Despite controversy surrounding the airdrop, the asset reached a valuation of $500 million on its first day of trading, peaking at $780 million in market capitalization. The white paper for the token was subsequently updated, outlining the concept of a global cult dedicated to holding CULT and Milady NFT. Changes to the white paper increased the token's supply and pushed back its roadmap by two quarters. The distribution of CULT tokens was not entirely democratic, potentially favoring whale wallets and insider holdings. Several high-profile individuals were identified as owners, including Stani Kulechov of Aave and Tom Schmidt of Dragonfly Capital. The Milady and Remilia Corporation community will receive a total allotment of 50 billion tokens, with the largest portion distributed through the initial airdrop. The token's distribution is relatively fair, with most top wallets receiving 0.03% of the supply. The launch of CULT did not significantly impact the value of Milady Maker NFTs. The messaging around CULT has been positive, although the token experienced a price slide in its initial trading hours. CULT established its price levels and locked liquidity on Uniswap V3. The token may trade on DEXs rather than big centralized exchanges. The Milady community has encouraged holding rather than immediate selling of CULT, and there are indications of smart whales attempting to acquire supply.

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