Ethereum NFTs continue to stall despite brief Milady pump

A recent tweet by Elon Musk has boosted sales of the Milady Maker NFT collection, turning a welcome profit for NFT sellers for the first time in months as the NFT dry season drags on.

In the last 24 hours, the Milady collection briefly kept pace with the Bored Ape Yacht Club. It saw 674 ETH traded in total, putting it second only to Mutant Ape Yacht Club which traded 2,523 ETH, mostly on Blur.

Ethereum NFT sales this year have crashed, thanks largely to Blur. The focus now looks to have shifted squarely to Bitcoin NFTs.

Unfortunately for Milady, Musk’s pump was short-lived and the collection’s price soon slipped back to where it had been previously. The floor price rose from 3.4 ETH to 5.4 ETH as soon as Musk tweeted but at the time of writing it had dropped back to 3.8 ETH.

Read more: Binance halted bitcoin withdrawals amid ordinals madness

On-chain lookers have also confirmed that someone bought 25 ETH worth of Milady NFTs just before he tweeted, implying a trade based on prior knowledge. Since then, the trader hasn’t sold them.

Conversely, LADYS, the self-organized Milady meme coin has stayed afloat since Musk’s tweet. Indeed, it’s risen more than 3,500%. The number of token owners increased from 332 to more than 14,000 after he took to Twitter, but this number has since dropped to 3,970.

Meme coin trading volume is down on the $800 million traded on May 8. The short-lived craze has made huge profits for some but also there have been many losers who piled into overhyped coins that have mostly gone to 0. However, the leader of this craze, Pepe, is still holding strong with a market cap of $731 million and a 24-hour volume of $9.8 million at time of writing.

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Edit 08:40 UTC, May 16: Amended first mention of LADYS to clarify that the meme coin is self-organized.