Cult Token Launch

Cult, the highly anticipated cryptocurrency from the creators of the Milady NFT project, launched Thursday and saw its fully diluted value soar above $600 million.

The Ethereum-based memecoin launched at around 7 p.m. EST on Thursday, as its official X handle announced that the token generation event (TGE) is live.

The token's FDV surged as soon as it launched, reaching a high of $845 million, according to data from Dexscreener. The figure has since come down to around $630 million at the time of writing, as the token price fluctuated after the initial rally.

Remilia Corporation, the team behind Milady Maker NFTs and other projects, announced the Cult token in June this year. The team raised over $20.5 million in a token pre-sale.

According to the tokenomics announced at the pre-sale, half of the total 10 billion supply is set aside as “Cult fund,” 50% of which was set to be distributed at token launch and the other half saved for seasonal distribution.

The team was given 15% of the supply with an 18-month vesting period, while the Remilia project’s treasury was allocated 20% to 35% (depending on pre-sale) with a six-month vesting period.

The launch also includes an airdrop for those who have held and traded Remilia Corporation NFTs, including Milady Maker and Redacted Remilio Babies.

In the months following the pre-sale, anticipation for the token’s launch grew among investors, as the team and Milady community continued to tease Cult with heavily filtered and cryptic memes on social media that fueled speculation on the memecoin.

However, Charlotte Fang, the leader of Remilia, wrote on X last week that Cult is “fundamentally different” from a regular memecoin and should not be considered a “Milady coin.”

“It's an ecosystem coin for an ecosystem that is by ideological design a self-organizing memetic engine, not wrapping just a meme or character but a revolutionary movement,” Fang wrote. “So I think it exists as a genuinely new category, something like a metamemecoin or a memeplexcoin.”

Pudgy Penguins, currently the second-largest NFT collection by market capitalization, is also launching its official cryptocurrency. The project announced the airdrop of its official token named Pengu, with more than one-fourth of its supply distributed to its community.