Original｜Odaily Planet Daily (@OdailyChina)
This morning at 8 AM, Milady's founder announced the launch of the Meme coin CULT, which had previously raised over $20 million. After nearly six months of waiting, it can be described as "finally coming out after much anticipation." According to GMGN data, the market cap of CULT reached $1.2 billion shortly after its launch, then quickly retraced to $850 million, and is currently reported at $617 million. Unlike Pudgy Penguins, which has grown into a "trinity" of "NFT + blockchain network + IP brand," CULT, as a Meme coin launched by Milady's founder Charlotte Fang, may represent the "last dance" for a single well-known NFT project to issue a token.
Odaily Planet Daily will provide a brief introduction and market outlook analysis of CULT, a Meme coin with a rather "cult-like" vibe.
Charlotte Fang's Nth Entrepreneurship: CULT is a Byproduct of the Meme Coin Fundraising Wave
In mid-June this year, after a series of fundraising booms for Meme coins, Milady's founder @CharlotteFang77 initiated the pre-sale fundraising for Meme coin CULT, raising 4,809 ETH in just a few hours, ultimately collecting 5,861.8 ETH (worth about $20.5 million). Notably, according to Arkham monitoring, the Remilia Collective had raised $20 million worth of ETH for the CULT token pre-sale, and originally, this project's fundraising plan was set to last seven days, but unexpectedly, the entire fundraising amount was sold out in just six hours.
Just when the market thought they would capitalize on the momentum and launch the CULT token soon, the situation began to exceed the expectations of the fundraising participants.
After waiting for more than a month, there was still no news about the launch of the CULT token.
It wasn't until July 18 that the project's official Twitter account released a promotional video, captioned "You have seen their capabilities. Now it's our turn. RWO." This was speculated by the community to indicate that the CULT token was about to launch.
However, the "cult-like style" that Milady and its founder Charlotte Fang are known for clearly does not follow the usual playbook.
On July 27, the CULT official announced that the telegram channel for the CULT community had been opened. This move was again interpreted by community members as a sign that the token launch was imminent. Subsequently, pre-market trading platforms Aevo and Whales Market began listing CULT for pre-market trading, at that time the price of CULT was around $0.015, corresponding to an FDV of about $150 million.
Thus, market expectations were raised again, with countless people eagerly hoping that the highly active Milady community in the Meme coin space could bring about a new wave of "ETH Meme coin wealth effect." However, what followed was another long wait of over four months.
On December 6, according to media reports, the CULT token had still not been released, causing dissatisfaction within the community. In response, Remilia's Chief of Staff Scorched Earth Policy stated, "Yes, the token is being released. Beyond that, I cannot elaborate on the reasons for the delay. I can only say that we have good reasons for what we are doing, and everything is about ensuring we make the right decisions for the community."
Meanwhile, some community members believe that this delay is part of a psychological strategy, leading to the Remilia World Order (RWO). A pre-sale participant who identifies as a Cult member, Virtue, stated, "I think the charm of CULT lies in faith. Being confident in uncertainty and relying on one's beliefs. It's simple, just don't worry, have confidence in your beliefs, and I think that's a lesson in life. In life, you can't always control everything; it's okay to let go, and freedom is possible."
This statement reflects the Milady community's typical "self-brainwashing rhetoric."
Subsequently, Charlotte Fang addressed community members' questions in a post, stating, "CULT is an ecosystem currency, and its ecosystem is designed ideologically as a self-organizing meme engine. It is not just about packaging a meme or character, but a revolutionary movement. I believe it is a truly new category, similar to meta-meme coins or meme composite coins."
Then, just today, CULT finally made its official debut. Strictly speaking, this marks Charlotte Fang's Nth entrepreneurial venture—she has previously launched tokens, Milady NFTs, and several other projects. For more information about Charlotte Fang, you can refer to the article “The Untold Story of Charlotte Fang, the Founder of the NFT 'Cult' Milady”.
CULT: More than just a Meme Coin, but a Meta Meme Coin of a "Cult-like Community"
As Charlotte Fang previously emphasized, it is difficult to view CULT as merely a Meme coin. After all, according to its lengthy 16-page white paper—
The total supply of CULT tokens is 10 billion;
50% will be reserved for the "cult fund" (half will be distributed at the time of token issuance, and the other half will be used for seasonal distribution);
The pre-sale share accounts for up to 15%, fully circulating at the time of token issuance;
The team received 15% of the supply, with a lock-up period of 18 months;
The Remilia treasury allocation accounts for 20% to 35%, with a lock-up period of 6 months.
CULT Token Economics
Additionally, the token claiming process for CULT differs from previous Meme coin projects, as it requires participants to answer questions, draw beetles, and find square symbols to claim tokens. If answers are incorrect or drawings do not meet standards, the token claiming interface will display messages like "You failed the shape test, your CULT tokens will be reduced to 50%, thank you for your participation," which has led to dissatisfaction among many and further spread of the issue.
Shape selection question
Subsequently, some community members speculated that this move might be to “spread community panic”. It must be said, this is indeed something the Milady community is capable of.
CULT token claiming interface
Finally, as reminded by community members, the CLUT official website also noted the token claiming deadline — "Please note, if users earn Beetle game points to claim Remilia CULT tokens, you have 7 days to claim."
According to information released by the CULT official account, the beetles drawn by users participating in the CULT token claim are quite varied, showcasing a strong Meme quality, and it would not be an exaggeration to say they are "extremely abstract."
Strange beetle images
Currently, the price of the CULT token is reported at $0.0064, with a market cap of $642 million.
Compared to the upcoming total supply of 88.8 billion PENGU tokens from Pudgy Penguins and the floor price of the fat penguin NFTs reaching 20 ETH (approximately $80,000), the floor price of Milady Maker briefly surpassed 7.2 ETH in early December but has now fallen back to 5.2 ETH (about $20,000). The nearly 9-fold difference in supply and nearly 4-fold difference in floor price suggest that the estimated market cap of PENGU is around $2.5 billion to $3 billion, which aligns reasonably with the previous article titled “‘Fat Penguins’ Token Launch, Community Predicts Airdrop Earnings Exceeding $30,000” predicting a market cap of $1.5 billion to $3 billion.
In summary, whether CULT can break through the "Meme coin concept shackles" and aim for a market cap of $2 billion or even higher still relies on the continued promotion and outreach of the Milady community; otherwise, a ceiling of $1 billion to $1.5 billion may become its upper limit.
Conclusion: The Token Launch Wave of NFT Projects is Coming to an End, and NFT Projects Urgently Need to Transform
With the launch of CULT's token, PENGU is also about to go live, marking the end of the token launch wave for once-popular NFT projects.
Although blue-chip NFTs like Azuki have yet to officially launch their project tokens, the previous strategy of generating hype and attracting attention and liquidity through token launches has gradually become ineffective for NFT projects that are now facing developmental challenges.
Whether they can enter the next phase of the crypto market is a pressing "industry-wide challenge" that many NFT projects need to address.
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