The tokens trading in the crypto sphere are as many as they are diverse. Take Luck Token (LUCK) for example, an altcoin that exploded onto the scene with a 1000% surge in 24 hours, only to nosedive to $0.0004712 shortly after its listing on Uniswap.
This trajectory hints of a possible rug-pull, a troublesome scheme that leaves digital assets worthless in their aftermath. It’s a real issue that many of these so-called meme tokens face. Quick spikes in value followed by crushing lows, much akin to the notorious ‘Bart Simpson’ pattern; a peculiar phenomenon observed in cryptocurrencies that mirrors the shape of the infamous character’s haircut. This pattern, representative of a swift hike in price, followed by a period of stagnation, and finally, an abrupt drop can be seen in LUCK’s performance.
While echoes of social media’s role in furthering the lifecycle of such tokens resound, a stark absence of a significant Luck Token community illustrates the frailty of such tokens. Unlike their counterparts with strong fundamentals, meme tokens heavily rely on the backing of a robust community.
This brings us to Wall Street Memes (WSM), another meme token born on the back of the meme stocks movement popularized by the GameStop and AMC rallies earlier this year. Exhibiting characteristics of its more hardy counterparts, WSM sports a sizable community and has been successful in raising over $12 million in its presale, casting it in a much better light than the bulk of meme tokens. With over 256,000 followers on their official Twitter account, it’s no surprise that Wall Street Memes has already shown a promising start.
The real potential of WSM lies in its robust community base, underscoring its viability as a promising new meme token. It reinforces the idea that to ensure survival, meme tokens need strong community support. WSM is gearing up for a significant rally, once it lists on exchanges, in contrast to the ill-fated performance of LUCK.
The success story of WSM emphasizes how proactive promotion and a substantial following are instrumental in determining the life or death of a meme token. Whether serious investors or risk-hungry enthusiasts should indulge is a quandary that remains. Regardless, one thing is for sure, the meme token scene remains an exciting, albeit volatile, space in the crypto sphere.
Disclaimer: Investing in crypto is risky and you could potentially lose your invested capital. This article serves informational purposes and does not constitute investment advice. Always consult with a financial advisor before making investment decisions.
Source: Cryptonews
