NFT market disrupted by one of most unexpected posts by Elon Musk
The Milady NFT collection has recently skyrocketed in popularity, becoming the most traded NFT collection on the market. The sudden surge in interest can largely be attributed to Elon Musk, who inadvertently boosted the meme collection’s popularity by posting a meme featuring Milady.
As a result, numerous tokens attempting to capitalize on the Milady name have emerged, many of which have been involved in rupull schemes. Investors are urged to exercise caution when trading these tokens, as the vast majority have no connection to the original Milady collection.
Milady is currently the most traded NFT collection#Milady #NFTs https://t.co/wXJyMCmRBD pic.twitter.com/3DU13YuJKM
— IntoTheBlock (@intotheblock) May 12, 2023
According to data from IntoTheBlock, Milady’s trading volume reached an impressive $5 million, with a peak of $10 million just the day before. However, the rapid decline in trading volume indicates that the rally may be short-lived as the hype begins to fade. This temporary surge serves as a reminder of the volatile nature of the NFT market, and it is important to conduct thorough research before investing in any digital asset.
In the wake of Milady’s newfound popularity, a flood of tokens attempting to piggyback off the collection’s success has emerged. Unfortunately, many of these tokens have been responsible for rugpulling users, leaving investors with significant losses. It is crucial for users to understand that these tokens have no affiliation with the legitimate Milady collection and should be approached with caution.
To safeguard their investments, users should thoroughly research any tokens or projects claiming to be associated with popular NFT collections like Milady. Authenticating the connections between projects and verifying the legitimacy of smart contracts can help prevent users from falling victim to scams.
The influence of high-profile individuals like Elon Musk can lead to unexpected surges in popularity, and opportunistic scammers are always ready to take advantage.
Source: https://u.today/milady-becomes-most-traded-nft-collection-out-there