With the final launch of CULT, is the Bull Market that launched coins for the NFT old-timers still on its last dance?

Original | Odaily Planet Daily ( @OdailyChina )

Author | Wenser (@wenser 2010)

At 8 o’clock this morning, the Meme coin CULT, which Milady founder’s previous fundraising of more than $20 million, was finally officially announced. According to GMGN data, Market Cap hit $1.2 billion after CULT’s launch, then quickly pulled back to $850 million, and is currently trading at $617 million. Different from Pudgy Penguins, which has grown into a trinity of “Non-fungible Token + Block Chain Network + IP Brand”, as a Meme coin launched by Charlotte Fang, the founder of Milady, the successful launch of CULT may become the “last dance” for a single well-known Non-fungible Token project to issue coins.

Odaily Planet Daily will briefly introduce and analyze the future trend of the rather “cult-like” Meme coin in this article.

Charlotte Fang’s Nth Entrepreneurship: CULT is a Legacy of the Meme Coin Fundraising Craze

In mid-June this year, after Meme coin experienced round after round of fundraising frenzy, Milady founder @CharlotteFang 77 took the opportunity to launch the pre-sale fundraising of Meme coin CULT. In just a few hours, 4809 ETH was raised, and a total of 5861.8 ETH (worth about 20.5 million US dollars) was raised. It is worth mentioning that, according to Arkham monitoring, Remilia Collective has raised 20 million US dollars worth of ETH for the CULT Token pre-sale, and originally the fundraising plan for this project was supposed to last for seven days, but unexpectedly, the fundraising quota was sold out within 6 hours.

Just when the market thought it would strike while the iron was hot and launch the CULT Token as soon as possible, the situation took a turn beyond the expectations of the fundraising participants.

After more than a month of waiting, there is still no news about the online launch of CULT Token.

Until July 18th, the project’s official Twitter account released a promotional video with the caption ‘You have seen their abilities. Now it’s our turn. RWO.’ The community speculates that it is the launch of CULT Token.

However, Milady and its founder Charlotte Fang, who are known for their “cult-style” approach, clearly do not play by the rules.

On July 27th, the official announcement from CULT indicated that the Telegram channel for the CULT community has been opened. This move was once again considered by the community as ‘launch coin imminent’, and subsequently, the pre-trading markets Aevo and Whales Market successively listed CULT for pre-trading. At that time, the price of CULT was only about 0.015 USD, corresponding to a market value of approximately 150 million USD.

And so, the market expectations are once again raised, countless people are eagerly looking forward, hoping that the highly active Milady community in the Meme coin arena can bring about a new wave of ‘ETH Meme coin wealth effect.’ But what follows is another long wait of over 4 months.

On December 6, according to media reports, CULT Token has not yet been released, causing dissatisfaction in the community. In response, Scorched Earth Policy, chief of staff of Milady’s parent company Remilia, said, “Yes, the Token is being released. In addition, I cannot provide detailed information on the reasons for the latency. All I can say is that we have sufficient reasons for what we are doing, and everything is centered around ensuring that we make the right decisions for the community.”

Meanwhile, some community members believe that this latency is part of the psychological warfare and will lead to the RWO (Remilia World Order). Virtue, a pre-sale participant who claims to be a member of the Cult, said, ‘I think the charm of CULT lies in faith. Be confident in uncertainty and rely on your own beliefs. It’s simple, don’t worry, be confident in your beliefs, and I think this is also a lesson in life. You can’t always control everything in life, it’s okay to let go, and freedom is possible.’

This kind of speech is the usual “self-brainwashing speech” in the Milady community.

Later, Charlotte Fang posted in response to community members’ questions: “CULT is a kind of ecosystem currency, and its ecosystem is a self-organizing meme engine in ideological design. It is not just packaging a meme or character, but a revolutionary movement. I think it is a truly new category, similar to meta memecoin or memecoin composite.”

Later, just today, CULT finally made its official debut. Strictly speaking, this is Charlotte Fang’s Nth entrepreneurship. Previously, she has issued multiple projects such as Token and Milady Non-fungible Token. For more information about Charlotte Fang, please refer to the article ‘The Unknown Story of Charlotte Fang, the Founder of the Non-fungible Token ‘Cult’ Cult’.

CULT: More than just a Meme coin, it’s the original Meme coin of the “cult-like community”

As Charlotte Fang emphasized earlier, it is difficult for us to see CULT as a pure Meme coin. After all, according to its 16-page White Paper information,

The total supply of CULT Token is 10 billion.

• 50% of which will be retained as the “cult fund” (half will be allocated at Tokenissuance, and the other half will be used for seasonal distribution);
• Pre-sale shares account for up to 15% of the total, and will be fully circulated during token issuance;
• The team has obtained 15% of the supply, with a lock-up period of 18 months;
• Remilia’s treasury allocation ratio is 20% ~ 35%, with a lock-up period of 6 months.

CULT Tokenomics

In addition, the application for CULT Token is different from the direct application for Meme coin projects in the past. It requires answering questions, drawing beetles, and finding square symbols through games. If the answers are wrong or the drawings are not up to standard, the Token acquisition interface will also display a reminder such as “You failed the graphic test, and your CULT Token will be reduced by 50%. Thank you for your participation,” which has caused dissatisfaction among many people and further spread.

Graph Multiple Choice Questions

Subsequently, some community members found that this may be in order to “spread community panic”. It has to be said that it is indeed something that the Milady community can do.

CULT Token Application Interface

Finally, community members reminded that the CLUT official website has also marked the time limit for token claiming: ‘Please note that if users earn Beetle game points to claim Remilia CULT Token, you have 7 days to apply.’

According to the information released by the official account of CULT, the beetles drawn by users who participated in the CULT Token application are also strange, quite meme-like, and even “extremely abstract”.

Bizarre beetle portraits

Currently, CULT Token is trading at $0.0064, with a Market Cap of $6.42 billion.

Compared to the total supply of 8.88 billion PENGU Tokens to be released by Pudgy Penguins and the floor price of up to 20 ETH (about $80,000) for the Fat Penguin Non-fungible Token, the floor price of Milady Maker briefly exceeded 7.2 ETH in early December, and has now fallen to 5.2 ETH (approximately $20,000), with nearly a 9-fold difference in supply and nearly a 4-fold difference in floor price. The PENGU Market Cap is estimated to be around 25-30 billion USD, which is reasonably consistent with the earlier prediction of a Market Cap of 15-30 billion USD in the article ‘Fat Penguin launch coin, community predicts Airdrop income of over $30,000’.

In summary, whether CULT can break through the “Meme coin concept shackle” and launch an attack on the market cap of 2 billion US dollars or even higher, still depends on the continuous promotion and circle-breaking dissemination of the Milady community. Otherwise, 10 billion to 15 billion US dollars may become its upper limit ceiling.

Summary: The Non-fungible Token (NFT) project coin issuance frenzy is coming to an end, and the NFT project is in urgent need of transformation.

With the end of CULT launch coin, PENGU is also about to go live, which also marks the end of the once popular Non-fungible Token project in the launch coin frenzy.

Although blue-chip Non-fungible Tokens such as Azuki have not officially launched project Tokens, the previous development path of creating hype, attracting followers, and even Liquidity through the launch of coins has gradually become ineffective for Non-fungible Token projects that are now in a development impasse.

Whether or not to enter the next stage of the encryption market is a “industry-wide challenge” that many Non-fungible Token projects urgently need to solve.