In the exciting world of cryptocurrencies, meme coins have undeniably had quite a robust season. Notably, Dogecoin (DOGE), the forerunner of all meme coins, has spiked 16.73% this August. Fresh entrants like Pepecoin, however, have experienced a downturn with a loss of 15%. Swinging the pendulum further in the opposite direction, the newest player on the scene, XPEPE token, has seen a remarkable overnight increase of 1,000%.
It’s interesting to note that most of the volatility has been credited to coins introduced directly on decentralized exchanges(Dex). XPEPE, which is only 21 days old, had a massive rally to begin the month. Despite a slight local retracement right now, the coin’s 24-hour change is still a remarkable 226%. One can’t help but consider the driving force behind this dramatic increase; a sudden inflow of $205K in liquidity, which initiated with an initial bounce from support during the early evening of August 1st.
While after such massive growth, a slight retracement often occurs, this does not necessarily mark an end to the moon-rocketing potential of this coin. It’s here that savvy traders will turn their eyes to the promising options, such as the presale of Wall Street Memes token ($WSM).
As contagious as the potentially infamous Wall Street Bets sentiment may seem, the Wall Street Memes ($WSM) token is somehow giving it a solid run for the money. Astonishingly the token has recruited a community of more than one million, enabling it to secure over $20m in presale funding.
The touching point, underpinning the extraordinary rally of $WSM, remains its democratic price point of mere $0.0328 and a substantial built-in 30% increment for early presale investors when it is listed. This feature, coupled with the promise of an impressive 30% of the token supply for community rewards and another 20% towards liquidity, further strengthens the argument of $WSM being the meme coin de facto.
As it stands, the coin’s viral popularity on social platforms and nurturing a community of more than one million members, all combine to signal its potential listing on key centralized exchanges like Gate.io.
Clearly, the crypto market is much like a roller coaster, with its steep rises and free falls. Yet, amidst this tumult, the persistent rise of meme tokens like $WSM ends up signifying not just the tokenization of anti-establishment sentiment, but also the redefinition of digital value. Nonetheless, keep in mind that investing in crypto is a high-risk venture. The euphoria of possible lucrative gains should never cloud the real possibility of losing your entire invested capital.
Source: Cryptonews
