Author: Wenser, Odaily Planet Daily

Editor's Note: At 8 AM on December 9, the Meme coin CULT, which raised over $20 million previously by Milady's founder, was officially announced to be launched. CULT continues the "cult" style of Milady and its founder Charlotte Fang. Whether it’s the token distribution or the claiming page, it does not follow conventional norms. With the issuance of CULT ending, PENGU is also about to launch, marking the end of the coin issuance wave for once-popular NFT projects. The route of established NFT projects hoping to attract attention through coin issuance seems to be gradually losing effectiveness. The original text is as follows:

At 8 AM today, the CULT Meme coin, which raised over $20 million by Milady's founder, was finally officially announced to be launched, after nearly six months of waiting, it can be described as "finally coming out after much anticipation." According to GMGN data, after its launch, CULT's market cap briefly reached $1.2 billion, and then quickly adjusted to $850 million, currently reported at $617 million. Unlike Pudgy Penguins, which has grown into a "NFT + blockchain network + IP brand" trinity, CULT, as a Meme coin launched by Milady's founder Charlotte Fang, may become the "last dance" of a single well-known NFT project issuing a coin.

Odaily Planet Daily will provide a brief introduction and market trend analysis of the CULT Meme coin, which has a strong "cult atmosphere."

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 waves for Meme coins, Milady's founder @CharlotteFang 77 initiated the presale fundraising for the Meme coin CULT, raising 4,809 ETH in just a few hours, ultimately raising 5,861.8 ETH (worth about $20.5 million). Notably, according to Arkham monitoring, the Remilia Collective has raised $20 million worth of ETH for the CULT token presale, and originally, this project's fundraising plan was supposed to last seven days, but unexpectedly, the fundraising amount was sold out in just six hours.

Just when the market thought it would seize the opportunity to launch the CULT token early, 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 posted 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-style" Milady and its founder Charlotte Fang clearly do not play by the rules.

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 "the token is imminent," and subsequently, pre-market trading platforms Aevo and Whales Market began listing CULT for pre-market trading, at that time the price of CULT was only about $0.015, corresponding to an FDV of approximately $150 million.

Thus, market expectations were raised again, with countless people eagerly hoping that the highly active Milady community in the Meme coin sector could bring a new wave of "ETH Meme coin wealth effect." But what followed was another long wait of over four months.

On December 6, media reports indicated that the CULT token had still not been released, causing dissatisfaction within the community. In response, Scorched Earth Policy, the chief of staff for Milady's parent company Remilia, 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 ample 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 game, leading to the Remilia World Order (RWO). A presale participant, who calls himself 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 this is also a lesson in life. In life, you can't always control everything; it's okay to let go, it's okay to be free."

This statement reflects the Milady community's typical "self-brainwashing rhetoric."

Subsequently, Charlotte Fang addressed community members' questions, stating: "CULT is an ecosystem currency, and its ecosystem is an ideologically designed 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 is already 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 Milady's Founder Charlotte Fang."

CULT: More than a Meme Coin, It's the 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 presale share accounts for up to 15%, and all will be in circulation 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

In addition, the token claiming process for CULT is different from the direct claiming of previous Meme coin projects; it requires participants to answer questions, draw beetles, and find square symbols to claim tokens. If answers are incorrect or drawings do not pass, the token claiming interface will pop up 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.

Multiple Choice Questions

Subsequently, some community members discovered that this move might be intended to "convey community panic." It must be said, this is indeed something the Milady community is capable of.

CULT Token Claiming Interface

Finally, community members reminded that the CLUT official website also marked the time limit for token claiming—"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 claiming are quite varied, showcasing strong Meme attributes, and it would not be an exaggeration to say they are "extremely abstract."

Various Beetle Drawings

Currently, the price of CULT tokens is reported at $0.0064, with a market cap of approximately $642 million.

Compared to the upcoming total of 88.8 billion PENGU tokens and the floor price of Pudgy Penguins NFTs reaching 20 ETH (about $80,000), the floor price of Milady Maker briefly surpassed 7.2 ETH in early December but has since 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 for PENGU is around $2.5 billion to $3 billion, which aligns reasonably with the previous prediction of a $1.5 billion to $3 billion market cap in the article "Pudgy Penguins Launching Tokens, Community Predicts Airdrop Earnings Exceeding $30,000."

In summary, whether CULT can break through the "Meme coin concept shackles" and aim for a market cap of $2 billion or higher still relies on the continuous promotion and outreach of the Milady community; otherwise, $1 billion to $1.5 billion may become its upper limit.

Conclusion: The Coin Issuance Wave of NFT Projects is Coming to an End, and NFT Projects Urgently Need to Transform

With the issuance of CULT ending and PENGU about to launch, this also signifies that once-popular NFT projects have entered the tail end of the coin issuance wave.

Although blue-chip NFTs like Azuki have yet to officially launch their project tokens, the previous strategy of creating hype, attracting attention, and generating liquidity through coin issuance 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 an "industry-wide challenge" that many NFT projects urgently need to address.

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