- Remilia Corporation’s meme token, Cultcoin, debuted on the first day of trading with a fully diluted valuation of more than $600 million.
- Since its initial announcement in a pre-sale more than five months ago, traders and members of the NFT community have eagerly anticipated the introduction of Cult.
Launched Thursday, Cult, the eagerly awaited cryptocurrency from the people behind the Milady NFT project, saw its fully diluted value leap above $600 million.
The Ethereum-based memecoin went online Thursday at around 7 p.m. EST after its official X handle announced that the token generating event (TGE) had begun.
Data from Dexscreener shows that the token’s FDV jumped immediately after debut, peaking at $845 million. Since the token price varied following the first spike, the amount has since decreased to about $630 million as of this writing.
The company behind Milady Maker NFTs and other projects, Remilia Corporation, unveiled the Cult token in June of this year. Through a token pre-sale, the team raised more than $20.5 million.
Half of the 10 billion supply is designated as “Cult fund,” with 50% of that amount to be awarded at token launch and the remaining half preserved for seasonal distribution, according to the tokenomics revealed at the pre-sale.
While the Remilia project’s treasury was allotted 20% to 35% (based on pre-sale) with a six-month vesting term, the team was awarded 15% of the supply with an 18-month vesting period.
Those who have held and traded Remilia Corporation NFTs, such as Redacted Remilio Babies and Milady Maker, will also receive an airdrop as part of the launch.
As the team and Milady community continued to tease Cult with carefully filtered and cryptic memes on social media, which fueled speculation on the memecoin, investor anticipation for the token’s introduction increased in the months after the pre-sale.
Last Monday, Charlotte Fang, the leader of Remilia, said on X that Cult is “fundamentally different” from a normal memecoin and shouldn’t be viewed as a “Milady coin.”
Instead of just a meme or character, it is an ecosystem coin for an ecosystem that, by ideological design, is a self-organizing memetic engine, encapsulating a revolutionary movement. Therefore, I believe it to be a truly novel category, akin to a memeplexcoin or metamemecoin.
In addition to creating its official cryptocurrency, Pudgy Penguins, the second-largest NFT collection by market capitalization, is also doing so. More than one-fourth of the project’s supply of Pengu, its official token, was distributed to the community in an airdrop.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
