With an astonishing 430% increase in value within a 24 hours span, the KSI Token, a lighthearted meme token christened after YouTuber-cum-boxer KSI, has made a massive splash in the blockchain pool. It’s another example of the digital coin gold rush, which has seen so many similar instances of meme tokens skyrocketing to astronomical heights within hours of their launching. However, what gives one a moment’s pause is the fleeting nature of such trends.
KSI token may look compelling with its 50,000% increase since its Uniswap listing, but the absence of a substantial online presence and a supportive community coaxes skepticism. The suspicion is heightened when we notice a recurring pattern of its high trading volumes occurring only within the first hours of its launching followed by a sluggish continuation. This gives credence to the notion that KSI might be one of many fly-by-night meme tokens, conveniently boosted by their anonymous makers, who await the right moment to sell them to late, unsuspecting market buyers. It is worth mentioning that as of now, no evidence suggests any substantive development team or community backing KSI, prompting inevitability of a downfall and a short-lived existence.
That being said, not all coins in the meme token market sparks such skepticism. Wall Street Memes (WSM) – another meme token with a presale collection of over $12.6 million – can boast of the one thing that KSI lacks: a strong community. Its association with the famous meme stocks movement that kept Wall Street on its toes with the notorious GameStop and AMC rallies of 2021, and over 255,000 Twitter followers, gives it an edge in the meme token market.
WSM seems to be paving its path on a stronger foundation by employing certain preventive measures. Most notably, it reserves 50% of its 2 billion total supply for its presale and sets aside an additional 30% for its community rewards. Tactics like these ensure a significant level of decentralization, simultaneously guarding its investors from major rug pulls, a fate that KSI token holders could encounter.
Awaiting its exchange listing in a few weeks, WSM token can be purchased on the official Wall Street Memes website using ETH, USDT, or fiat currency, offering a price of $0.031, escalating up to $0.0337 in its final stage. These prices might seem a bargain once WSM hits the exchanges, potentially turning into a promising windfall for early investors.
Before jumping on the meme token bandwagon, it’s essential to remember that crypto investment is a high-stakes game and could result in a total loss of capital. The hype around meme tokens is fascinating, but one must tread carefully. While tokens like WSM put their best foot forward with a strong support community, there are others like KSI which are shaky grounds. It’s important not to lose sight of the underlying principles of blockchain technology amid the dramatic rise and fall of meme tokens.
Source: Cryptonews
