Anybody who has interacted with the Remilia neighborhood will know they’ve created one of the complicated and self-referential corners of the web. The upcoming CULT token launch isn’t any totally different.
For the reason that token was first introduced there was a pre-sale and tons of deep fried memes—however not a lot else. A Telegram channel is presently filled with 5,000 folks spamming a slot machine emoji time and again. In case you ask when the token is coming, you merely hear the reply, “don’t fear about it.”
So, what’s going on?
Remilia Company is the challenge behind a number of main crypto and NFT communities. Its flagship product is the Milady Maker NFT assortment and spinoff initiatives like Remilio Child. The company additionally oversees a quarterly journal and its chief, Charlotte Fang, usually publishes philosophical essays on tradition and the web.
On June 13, the Milady Cult Twitter account introduced a pre-sale for an upcoming Ethereum token referred to as CULT. This raised $20.53 million, based on the Milady website. The funds have since been moved to a multisig Gnosis pockets. This pockets presently holds $21.4 million, largely Ethereum and Tether.
Now that 5 months have handed, some traders have began to get stressed. Amidst the slot machines on Telegram, greater than 290 messages have been despatched alleging the pre-sale was fraudulent. “It’s 100% a rip-off, proper?” One investor posted, “Fuck man I misplaced 3 ETH.”
“Sure the token is being launched,” Chief of Employees at Remilia Company, Scorched Earth Coverage, confirmed to Decrypt. “Past that I can not elaborate why the delay. Besides that we now have good causes for doing what we’re doing and every thing is centered round ensuring we do proper by our neighborhood.”
However not everyone seems to be so involved. As a substitute, some neighborhood members imagine the delay is all a part of a psychological operation that may result in Remilia World Order (RWO).
“I believe the fantastic thing about CULT is religion. Religion in uncertainty and relying in your beliefs. It is so simple as not worrying and having confidence in your convictions,” pre-sale participant and self-defined Cult member Advantage informed Decrypt. “I believe it’s additionally a life lesson. You aren’t at all times in management in life, it’s okay to let go, it’s okay to be free.”
In September, neighborhood members began to imagine that the token was lastly on its approach because the official Cult website confirmed that the token technology occasion (TGE) was “loading.” However by the top of the month, rumors unfold that the whole token launch was cancelled—albeit, spurred on by a doctored screenshot of the positioning.
How did the neighborhood reply? Streams of “don’t fear about,” a plethora of “there is no such thing as a refund, I really like you,” and the occasional “did you simply fear about it?” This sums up the absurdist hyper-irony Milady humor that dominates the neighborhood.
“I discovered it humorous when different folks had been getting upset in regards to the TGE,” Advantage defined, “I used to be simply making foolish little memes on my cellphone and not using a care on the earth and I believe there’s magnificence in that. As soon as the token comes out the memes will solely be extra plentiful.”
On Wednesday, Polymarket odds that the token could be launched this yr reached an all-time excessive at 90%. This was in-line with CULT’s new catchphrase sweeping Twitter of “possibly it is time.”
As hypothesis grew, Fang took to Twitter to reject the token being thought-about a meme coin in any respect.
“It is an ecosystem coin for an ecosystem that’s by ideological design a self-organizing memetic engine, not wrapping only a meme or character however a revolutionary motion,” Fang mentioned. “I believe it exists as a genuinely new class, one thing like a metamemecoin or a memeplexcoin.”
Nonetheless, the token hasn’t launched and previously two days Polymarket odds have fallen to 72%. The CULT awaits, the Remilia group guarantees it is nonetheless making ready, and everyone seems to be making an attempt to not fear about it. Perhaps it’s time?
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