The creators of the popular NFT collection Milady, have launched the CULT memecoin with it’s TGE taking place on December 9. The memecoin quickly became popular and broke to the market cap of $850 million before settling down near $655 million.
CULT is launched on Ethereum with a total supply of 10 billion tokens. Data from DEXScreener shows that CULT is currently trading near $0.006607 after hitting an all-time high of $0.01172 in its earlier trading hours.
The token was announced by Remilia Corporation in June this year with the team raisign over $20.5 million in pre-sale. Remilia Corporation is the creator and developer team behind Milady Maker and other popular NFT projects.
While NFTs are slowly becoming trendy again, Milday NFTs and several other collections have started gaining traction. The launch of a memecoin by an NFT project marks a notable milestone for the industry.
Over half of the total CULT supply is set aside as “Cult fund,” which will be used to distribute at token launch and seasonal distribution. 15% of the supply is allocated to the team with an 18-month vesting period. The Remilia project’s treasury is allocated with 20% to 35% (depending on pre-sale) supply with a six-month vesting period.
The tokenomics shared by the team also mentioned that the holders of Milady Maker and Redacted Remilio Babies NFTs will receive an exclusive airdrop of CULT tokens.
Read: Pudgy Penguins Overtake BAYC, Becomes 2nd Largest NFT Collection
