Major tremors are rocking the DEX markets lately, with ZKSync DEX stablecoin USD+ undergoing tumultuous highs and lows. Stablecoins have been very much in the limelight, thanks to the mainstream attention garnered by the emergence of government-issued CBDCs. However, the recent destablization of USD+ has sparked extraordinary price fluctuations. The coin is currently trading below its pegged value of $1 at $0.9952 while algorithms tirelessly work to counteract the more than 600,000 destabilising transactions.
An alarming de-peg, wherein the value of USD+ dropped to $0.8, alludes to a possible onslaught on the stablecoin’s algorithmic peg by DEX pressures. The stablecoin’s performance has been marred by deviations from its peg for over one-third of the month of August on multiple occasions. One significant fall occurred on August 4th, where the coin plummeted by 99.61% over a four-day period before a resolution was reached by the project’s developers. A manic performance followed with a climb of over +1,270% as developers grappled to rectify the third de-pegging incident.
Crypto enthusiasts, however, are placing their bets elsewhere. Amid the turbulence surrounding stablecoins, a particular token has piqued interest, projected to be the most monumental meme coin presale of 2023 – Wall Street Memes. The token, going by the ticker $WSM, has garnered an impressive community of a million supporters. Its presale has superseded all figures, amassing +$23.7m in funding.
The ethos of Wall Street Bets underpins the $WSM token. The project straddles both the attempt to convert fiery community sentiment into a tangible asset and the redefinition of digital value, which has investors pouring in. The democratically priced token, at just $0.0331, has seen bullish growth in its presale fundraising. In an unprecedented nod to democratization, 30% of the token supply will circle back as community rewards, another chunk of 20% will boost liquidity, and the remaining 50% is up for grabs in the presale. This democratic venture coupled with the surge in the token’s social media following sounds a promising note for potential CEX listings, such as Gate.Io.
The incredible success of the Wall Street Bets NFT collection has paved the way for $WSM. Like its predecessor, $WSM promises some exciting times ahead. However, caution is advised. Crypto is a high-risk asset class that could lead to a complete wipeout of your investment. The information provided here is strictly for informative purposes and shouldn’t be taken as investment advice.
Source: Cryptonews
