Milady CULT token reaches $500M market cap, launches updated white paper

The CULT token by Remilia Corporation emerged from the Milady NFT community. The asset already trades in the $500M range, and it has presented a white paper for its development through 2027.

CULT, the token of Remilia Corporation, held a high-profile airdrop for the Milady community. Despite the initial airdrop controversy, the asset almost completed its first day of trading with a $500M valuation. At its peak, the Milady Cult Token (CULT) briefly traded above $780M in total market capitalization.

After the launch, Remilia Corporation updated its white paper, titled “‘Milady CULT coin declassified.” The paper holds the asset’s main concept, which is based on being a global cult dedicated to holding the main coin as well as Milady NFT.

Remilia Corporation increases CULT supply

The changes made to the white paper in December increased CULT supply by a factor of 10, adding another zero to the price. CULT will also push back its roadmap by two quarters, with additional airdrops and events until 2027.

The CULT token came up with a new message, somewhat resembling the ramblings of Truth Terminal. Underneath the initial nonsense, however, Remilia Corporation was ready with a plan for distributing CULT tokens. The actual distribution will not be entirely democratic, and CULT may end up in whale wallets or insider holdings.

Even after the initial airdrop, on-chain analysis identified several high-profile owners. The initial airdrop distributed $270M worth of tokens, with large-scale owners making up the leaderboard. Among the high-profile owners were Stani Kulechov of Aave (AAVE), and Tom Schmidt of Dragonfly Capital. Other high-profile wallets also ended up with tokens worth up to $2.2M. In total, CULT has about 10,994 holders on Ethereum.

MILADY CULT COIN AIRDROPPED $207M USD TO MILADY HOLDERS

AIRDROP LEADERBOARD:

1) 0xFB94 $2.22M

2) 0x77777 $1.88M

3) 0x77772 $1.55M

4) everythingempty.eth $1.43M

5) yck.eth $1.26M

— Arkham (@arkham) December 9, 2024

The Milady and Remilia Corporation community will have a total allotment of 50B tokens, with the biggest batch distributed in the current airdrop. The rest will be distributed across three seasons, potentially boosting airdrop farming and engagement.

The CULT token initially looked like a fair distribution, similar to other community-owned assets like Pepe (PEPE), Gigachad (GIGA), or SPX6900 (SPX).

The token may be launched for the community, but the white paper also suggests a presale event for another 10.5B tokens. This is in addition to a team allocation of another 10.5B CULT with an 18-month vesting schedule. Remilia Corporation will also retain up to 35% of the token supply with a six-month vesting period.

That additional supply may mean CULT starts out as a community-owned project. Yet despite promises of avoiding the fate of VC-backed assets, CULT may in fact have a similar tokenomics structure. Even with its current distribution, CULT contains hidden connected wallets, controlling up to 3% of the supply.

Bubblemaps discovered hidden wallet clusters among CULT token holders. | Source: Bubblemaps

For now, the distribution is relatively fair, with most top wallets receiving 0.03% of the supply during the initial airdrop.

CULT price drops after the initial hype

The messaging around CULT has been extremely positive, if irrational. Milady PFP influencers have hyped up the token. However, CULT went on a slide in the first hours of trading.

CULT established its price levels at $0.0057, with $18.9M in locked liquidity on Uniswap V3. The token has to wait for additional listings after establishing its initial liquidity.

The launch of CULT did not have a significant effect on the value of Milady Maker NFTs. The floor price of the collection in fact fell by about 25% in the week before.

The CULT launch also coincided with the announcement of the PENGU token, linked to the Pudgy Penguins brand. However, in that case, the PENGU launch helped Penguins become the second-largest NFT collection in terms of market capitalization.

CULT does not rely on specific marketing or exchange outreach; it simply uses the long-running Milady social media presence. The investor profile in CULT may be different from other meme trends, potentially affecting the decision to list the asset on big centralized exchanges. Other token launches have arrived with immediate listings, but CULT may spend more time as a volatile token traded on DEXs.

In the first hours after the airdrop, the Milady community spread the message of holding without immediate selling. There are also signs of smart whales attempting to snipe some of the supply, while the price is still relatively inactive. Even after the initial price drop, there are few signs of whales selling, while buy orders are moving CULT out of its most active Uniswap trading pair.

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