The NFT collection known as Milady’s novel Solana memecoin has made waves in the crypto world, drawing an impressive 91,486 SOL (equivalent to $18.7 million) within just two hours of its presale announcement. This announcement, made on March 18, revealed that the Solana memecoin, named Milady Wif Hat in homage to the popular Solana memecoin Dogwifhat (WIF), set a minimum investment of 1 SOL and capped contributions at 88,888 SOL.
Milady NFT’s Wif Hat memecoin achieves impressive feat
The presale quickly became oversubscribed, with the Milady Wif Hat team announcing, “Milady Wif Hat presale has soared to its limit of 88,888 SOL and is now closed,” further stating that any additional Solana raised would be fully refunded. This rapid investment surge showcases the strong interest and demand for the Milady NFT collection, which comprises 10,000 anime-inspired profile picture avatars.
One notable factor contributing to the collection’s popularity is the endorsement by Su Zhu, the co-founder of Singaporean hedge fund Three Arrows Capital. Zhu expressed excitement about the Milady community’s memes, stating, “Yo what up Milady fam! I had to sweep some miladys after hearing you have the best memes on web3,” followed by, “Hell yeah, let’s see what this community’s all about! It’s moon time my degens aha,” on March 6.
Such endorsements from prominent figures in the crypto space have undoubtedly fueled interest and investment in the Milady NFTs. Following the initial purchase frenzy, the price of Milady NFTs surged, reaching a high of $19,000 each within days before settling at $11,742 at the time of writing. This price volatility reflects the dynamic nature of the NFT market, influenced by factors such as demand, investor sentiment, and market trends.
Su Zhu’s endorsement and price volatility
The broader craze around memecoins has also contributed to the enthusiasm for projects like WIF. On March 14, WIF achieved an all-time high price of $3, driven by fans of the memecoin who raised over $700,000 to display the token’s logo on the Las Vegas sphere. WIF stands out as one of the top-performing memecoins in the current cycle, boasting gains exceeding 1,000,000% since its launch in late November 2023, aided by its recent listing on Binance.
However, not all memecoin ventures have experienced smooth sailing. On March 18, token developer Slerf faced challenges when 53,000 SOL was accidentally burned during a highly anticipated presale, resulting in significant losses for investors who participated in the airdrop.
The excitement and volatility surrounding memecoins and NFT collections like Milady’s novel Solana memecoin highlight the dynamic and speculative nature of the crypto market, where rapid gains and losses are part of the landscape. Investors and enthusiasts continue to navigate this evolving ecosystem, driven by the allure of innovation, community engagement, and potential financial rewards.
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