Cult memecoin launches with over 600M dollars FDV
Cult, the eagerly awaited cryptocurrency from the people behind the Milady NFT project, went live on Thursday with a fully diluted valuation (FDV) above $600 million on the first day.
🚨TGE IS LIVE 🚨
You weren't actually worried, were you? 🥂 pic.twitter.com/IfsEEA2MeY— CULT, INC. ☆ RWO ☆ 🤝🤝🤝 (@MiladyCult) December 9, 2024
At approximately 19:04 Eastern time (ET) on Sunday, the memecoin went live when its official X handle announced that the token generation event (TGE) was underway.
Cult coin FDV surges
According to Dexscreener data, the token's FDV increased rapidly after launch, peaking at $845 million. After the initial surge, the token price fluctuated, and as of this writing, the amount had dropped to about $635.8 million.
Crypto trader makes about $1 million from Cult tokens
A crypto trader strategically purchased 467.64 million Cult tokens with 500 ETH, which is worth $1.99 million, according to Lookonchain. To guarantee they were the first to purchase the token, the Ethereum smart trader paid a bribe of 100 ETH (approximately $398,000). About $1 million has been made as a result of this strategy. Since then, the trader has held 200 million CULT, worth $1.32 million, and sold 267.64 million CULT for 432 ETH, worth $1.72 million.
About Cult token
In June of this year, the Cult token was announced by Remilia Corporation, the group behind Milady Maker NFTs and other initiatives. Through a token pre-sale, the team raised more than $20.5 million.
The team and Milady community continued to tease Cult with heavily filtered and cryptic memes on social media in the months after the pre-sale, which fueled speculation on the memecoin and increased investor anticipation for the token's launch.
According to the project, individuals who have owned and traded Remilia Corporation NFTs, such as Redacted Remilio Babies and Milady Maker, will be part of the airdrop during the launch. Remilia's leader, Charlotte Fang, explained last week on X that Cult is "fundamentally different" from a typical memecoin and shouldn't be regarded as a "Milady coin."
Cult tokenomics
According to the tokenomics disclosed during the pre-sale, half of the 10 billion supply is designated as "cult fund," with the remaining half being saved for seasonal distribution and the other half being distributed at token launch. 15% of the supply was given to the team with an 18-month vesting period, and 20% to 35% of the Remilia project's treasury was allotted to it with a six-month vesting period, depending on the pre-sale.
In an article earlier published, popular non-fungible token project Pudgy Penguins, which is now the second-largest NFT collection in terms of market capitalization, overtaking Bored Ape Yacht Club (BAYC), announced a few days back that it will launch its official coin by the end of 2024 on the Solana network.
With a total supply of 88,888,888,888 tokens and over one-fourth, which is around 25.9% of its supply, going to the Pudgy community, the project announced the airdrop of Pengu, its official token. Since its release in 2021, Pudgy Penguins has become one of the most popular NFT collections. It has increased its offline presence by partnering with retailers like Target and Walmart.
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