At 8 o’clock this morning, Milady founder Meme coin CULT, which had previously raised over $20 million, was finally officially launched after nearly six months of waiting, which can be called “k呼万唤始出来”. According to GMGN data, the Market Cap of CULT once reached $1.2 billion after its launch, and then quickly pulled back to $850 million, currently reported at $617 million. Unlike Pudgy Penguins, which has grown into a three-in-one of “Non-fungible Token+Block chain network+IP brand”, as a Meme coin launched by Milady founder Charlotte Fang, the successful launch of CULT may become the “last dance” of a single well-known Non-fungible Token project issuing coins.

Odaily Planet Daily will briefly introduce and analyze the future trend of the Meme coin CULT, which has a rather ‘cult-like’ atmosphere in this article.

Charlotte Fang’s Nth Entrepreneurship: CULT is a legacy of the meme coin fundraising frenzy

In mid-June of this year, after Meme coin experienced round after round of fundraising frenzy, Milady founder @CharlotteFang77 took the opportunity to launch the pre-sale fundraising for Meme coin CULT, and raised 4809 ETH in just a few hours. Ultimately, a total of 5861.8 ETH (worth about $20.5 million) was raised. It is worth mentioning that according to Arkham monitoring, Remilia Collective has raised $20 million 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 target was fully sold out within six hours.

Just when the market expected it to seize the opportunity and launch the CULT Token as soon as possible, the situation took an unexpected turn for the fundraisers.

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

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

**However, Milady and its founder Charlotte Fang, who have always been known for their “cult-like style”, obviously do not play by the rules.

On July 27th, CULT officially announced that the Telegram channel for the CULT community had been launched. This move was once again regarded by community members as a sign of an upcoming coin launch. Subsequently, the pre-market trading platforms Aevo and Whales Market successively listed CULT for pre-market trading. At that time, the price of CULT was only about 0.015 US dollars, corresponding to an FDV of approximately 150 million US dollars.

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

On December 6th, according to media reports, the fact that CULT Token has not yet been released has caused dissatisfaction within the community. In response, Scorched Earth Policy, the chief of staff of Remilia, the parent company of Milady, stated: ‘Yes, the Token is being released. In addition, I cannot provide detailed information on the latency reasons. I can only say that we have ample reasons for doing what we are doing, and everything revolves around ensuring that we make the right decisions for the community.’

Meanwhile, some community members believe that this latency is part of psychological warfare, which will lead to the Remilia World Order (RWO). Pre-sale participants and self-proclaimed CULT members Virtue expressed, “I think the appeal of CULT lies in faith. Have confidence in uncertainty and rely on your own beliefs. It’s simple, don’t worry, have confidence in your beliefs, I think this is also a lesson in life. You can’t always control everything in life, letting go is okay, freedom is possible.”

This statement is Milady Community’s usual ‘self-brainwashing speech’.

Later, Charlotte Fang posted in response to the community members’ questions, stating, “CULT is a currency within the ecosystem, and its ideology is designed as a self-organizing meme engine. It’s not just about packaging a meme or character, but rather a revolutionary movement. I believe it’s a truly new category, similar to meta memecoin or memecoin composite.”

Later, just today, CULT finally made its official debut. Strictly speaking, this is already Charlotte Fang’s Nth venture—previously, she has issued Tokens, Milady Non-fungible Tokens, and other projects. For more information about Charlotte Fang, please refer to the article “The Untold Story of Charlotte Fang, the Founder of the ‘Cult’ Milady Non-fungible Token”.

CULT: More than just a Meme coin, it is also the Meme coin of a “cult-like community”

As Charlotte Fang has emphasized before, it’s hard for us to view CULT simply as a Meme coin, after all, according to its extensive 16-page White Paper information—

The total supply of CULT Token is 10 billion;

· 50% of which will be retained as a “cult fund” (half will be distributed during Tokenissuance, and the other half will be used for seasonal distribution);

· The maximum proportion of presale shares is 15%, and all will be in circulation during Tokenissuance;

· The team has obtained 15% of the supply, with a lock-up period of 18 months;

· Remilia’s treasury allocation ratio reaches 20% to 35%, with a unlocking period of 6 months.

CULT Token tokenomics

In addition, the Token application for CULT is different from the direct application of Meme coin projects in the past. It requires answering questions, drawing beetles, and finding square symbols through games. If the answers are incorrect or the drawings are not up to standard, the Token collection interface will display the message ‘You have failed the graphic test, and your CULT Token will be reduced by 50%. Thank you for your participation.’ Many people are dissatisfied with this and it has also caused further spread.

Graphic multiple-choice questions

Later, some community members found that this may be to “spread community panic”. I have to say, it’s really something that the Milady community can do.

CULT Token Claim Interface

Finally, reminded by community members, the CLUT official website has also marked the time limit for Token application - “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 CULT account, the users participating in the application for CULT Token have drawn all kinds of beetles, which are quite meme-like, and it is not an exaggeration to say that they are “extremely abstract”.

Strange and varied pictures of beetles

Currently, CULT Token is trading at $0.0064, with a market capitalization of $642 million.

Compared with the total supply of 88.8 billion PENGU tokens to be released by Pudgy Penguins and the floor price of up to 20 ETH (about $80,000) for Pudgy Penguins non-fungible tokens, Milady Maker’s floor price briefly exceeded 7.2 ETH in early December and has now fallen to 5.2 ETH (about $20,000), with a supply gap of nearly 9 times and a floor price gap of nearly 4 times. The estimated PENGU market capitalization is about 2.5-3 billion US dollars, which is reasonable compared with the previously predicted market capitalization of 1.5-3 billion US dollars in the article “Pudgy Penguins launch coin, community predicts airdrop yield of over 30,000 US dollars”.

Overall, whether CULT can break through the “Meme coin concept shackles” and launch an attack on the market cap of 2 billion US dollars or even higher in the future, 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 frenzy of Non-fungible Token projects issuing coins is coming to an end, and Non-fungible Token projects urgently need to transform

With the end of CULT launch coin, PENGU is also about to go online, which also means that the once popular Non-fungible Token project has entered the tail of the launch coin trend.

Although blue-chip Non-fungible Tokens like Azuki have not yet formally launched their project Tokens, the development path of creating gimmicks, attracting followers, and even liquidity through coin launches, which used to be effective for Non-fungible Token projects that are now facing a development bottleneck, has gradually become ineffective.

Whether to enter the next stage of the crypto market is a “industry-specific challenge” that many Non-fungible Token projects urgently need to solve.

Original Text Link