Prices of the popular Milady NFT collection have retracted gains from the past weeks as holders likely took profits on a move influenced by an Elon Musk tweet.
Earlier in May, the Milady collection spiked after receiving acknowledgment from Twitter owner Musk who tweeted a picture of a Milady avatar with the words “There is no meme, I love you” overlaid on the picture. Each NFT traded for 3.4 ether at the time.
That immediately prices surged as much as 200%, each Milady fetching $13,700 worth of ether (ETH) at the peak. Elsewhere, an unrelated LADYS token spiked thousands of percent, reaching a market capitalization of over $120 million.
All gains have since reversed, as the NFT collection is now back at prices before Musk’s tweet, data from OpenSea
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