The Milady NFT collection has recently skyrocketed in popularity, becoming the most traded NFT collection on the market.
The sudden surge in interest can largely be attributed to Elon Musk. He inadvertently boosted the meme collection’s popularity by posting a meme featuring Milady.
As a result, numerous tokens attempting to capitalize on the Milady name have emerged. Many of which have involved in rupull schemes.
Investors urged to exercise caution when trading these tokens. As the vast majority have no connection to the original Milady collection.
According to data from IntoTheBlock, Milady’s trading volume reached an impressive $5 million peak of $10 million just the day before.
However, the rapid decline in trading volume indicates that the rally may short-lived as the hype begins to fade.
This temporary surge serves as a reminder of the volatile nature of the NFT market, and it is essential to conduct thorough research before investing in any digital asset.
In the wake of Milady’s newfound popularity, a flood of tokens attempting to piggyback off the collection’s success has emerged.
Unfortunately, many of these tokens have been responsible for rugpulling users, leaving investors with significant losses.
It is crucial for users to understand that these tokens have no affiliation with the legitimate Milady collection and should approached with caution.