In a recent turn of events, a newly minted crypto called the MEME token shot up by more than 20,000% in a 24-hour period, startling the crypto space. Although this meteoric rise may be enticing to some investors, many crypto experts are wary considering the token’s questionable chart patterns and low community score on DEXTools. These circumstances potentially hint at a honey trap scam.
However, it’s critical to note that not every burgeoning crypto project is deceptive. Several meme projects currently in the spotlight, including Wall Street Memes, Thug Life, and Safemoon 3.0, are drawing appreciation from perceptive crypto investors as the crypto market gears up for a potential $1.2 trillion valuation.
Among these, Wall Street Memes ($WSM) is an intriguing offering. The project draws inspiration from the GameStop saga of 2021, which marked a shift in investor power dynamics. Carving an investor-led democratic space, this project seeks to equip retail investors with the capability to profit from seemingly worthless coins, thereby echoing the triumph of the internet over unfettered capitalism. The $WSM token has already amassed $11.7 million in presale investment, indicating its rising popularity among investors.
The Thug Life coin ($THUG) brings a fresh perspective to the meme coin ecosystem by depicting a lifestyle influence from the 80s hip-hop culture. Projecting a sense of camaraderie and humor, this movement leverages the shared struggles of navigating the relatively unfamiliar Web3 space. Despite being recent, this token has already seen an inflow of over $1.86 million from keen investors.
Lastly, SafeMoon 3.0, a mirror project of the popular DeFi offering, has recorded an impressive growth of 189% within 24 hours of its launch. This clone meme project has garnered a community trust score of 66.7%, suggesting a strong foundational framework.
All said, it would be wise for investors to tread lightly around suspicious projects like the MEME token, particularly given the scant details available about its developers. The underlying premise remains that while the crypto space does pose lucrative investment opportunities, it is also riddled with fraudulent projects looking to make an easy buck. As a precaution, investors must always be on their guard and perform extensive due diligence before plunging into any project, meme-based or not.
Source: Cryptonews
