# Learn: Dogecoin-Like Spike in Milady NFTs After Elon Musk’s Tweet, But Will It Last?

The Milady non-fungible token (NFT) collection spiked after receiving acknowledgement from Twitter owner Elon Musk, drawing parallels to Musk's treatment of dogecoin (DOGE).

Miladys are a profile-pic (PFP) NFT, which consists of 9,823 images featuring wide-eyed childlike faces. Despite the innocent imagery, the collection has [faced controversy over conspiracy theories](https://www.coindesk.com/markets/2022/05/24/milady-nft-prices-tumble-after-creator-doxxes-self-as-person-behind-controversial-miya/) and slurs shared by the creator behind Remilia and the project, known as Charlotte Fang, Charlie Fang, or Charlemagne.

Prices of the controversial collection jumped as much as 60% after a Musk tweet featuring a Milady NFT overlaid with the words, “There is no meme, I love you."

The collection trended to the top of NFT marketplace OpenSea shortly after Musk's tweet – with prices reaching $13,700 worth of ether (ETH) per NFT at the peak.

OpenSea data shows trading volumes surged to over 12,000 ether, worth over $22 million, in the past 24 hours. This was a tenfold increase compared to last week, the data show.

### The Elon Effect

Musk’s tweets have proven to cause immense jumps in the tokens mentioned by him – most popularly dogecoin (DOGE). [In a tweet](https://twitter.com/elonmusk/status/1392974251011895300) in May 2021, Musk stated he was working with Dogecoin developers to improve system efficiency, sending the tokens up 22% immediately.

In December 2021, dogecoin surged 33% when Musk said electric-car maker Tesla (TSLA) [would accept the token](https://www.coindesk.com/business/2021/12/14/dogecoin-surges-as-elon-musk-teases-tesla-merchandise-plan/) as payment for its merchandise.

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.

Milady NFTs could see the same trading action in the days ahead. Prices have already corrected 7% compared to Thursday despite the high volumes – meaning a sell-off could already be in play.

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This article first appeared in Coindesk, written by [Shaurya Malwa](https://www.coindesk.com/author/shaurya-malwa/)
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