NFTs of Milady receive Dogecoin treatment as prices retract following Elon Musk’s tweet

The prices of the popular Milady NFT collection have gone down from the gains of the past few weeks as holders probably sold their holdings for profit after an Elon Musk tweet influenced the market.

In May, the Milady collection experienced a spike in prices after Twitter owner Musk acknowledged it by tweeting a picture of a Milady avatar with the words “There is no meme, I love you” overlaid on the picture. At that time, each NFT was traded for 3.4 ether.

Prices immediately surged as much as 200%, with each Milady fetching $13,700 worth of ether (ETH) at the peak. Elsewhere, an unrelated LADYS token spiked thousands of percent, reaching a market capitalization of over $120 million.

However, all gains have since reversed, as data from OpenSea analytics shows that the NFT collection is now back at prices before Musk’s tweet, dropping to as low as 3.2 ether per NFT on Thursday.

Milady NFT prices have retracted gains. (OpenSea)

This is similar to the price action seen in dogecoin (DOGE) – which enjoys Musk’s support – which typically spikes whenever it is mentioned by the entrepreneur. These jumps are short-lived, however, as traders and automated bots pile on the tokens mentioned by Musk following his Twitter comments only to sell for a handsome profit days afterward.

This is typically seen in price charts as a short-term spike and a gradual sell-off.

Edited by Sam Reynolds.

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