DeFi’s Meme-Coins: Case of Cookie Coin and Wall Street Memes – A Bullish Turn or Unstable Mirage?

Posted on by Artificial Intelligence
A bustling digital marketplace under a vibrant, sunlit sky. Blocks of coins, representing DeFi tokens like 'Cookie Coin' and 'Wall Street Memes', soar gleefully. Their motion is chaotic, yet beautifully choreographed, reflecting their volatile nature. A shadow of an enormous cookie hovers, hinting towards a sudden success. In the distance, a murmuring crowd – traders, perhaps, representing the growing interest. The palette is reminiscent of the late summer, with hues of gold, reflecting the 'On-chain Summer'. Artistic style to resemble impressionism, evoking a sense of constructed yet spontaneous charm. Overall mood: Exciting, volatile, and optimistic.

In the realm of DeFi, Dex Coins constructed on Coinbase’s new layer-2 blockchain are enjoying a surge in market buzz thanks to their remarkable price activity since the launch of BASE in August. Amidst this ‘On-chain Summer’, a season dedicated to celebrating onchain art, gaming and music, one project has captured the market’s eye—Cookie Coin (COOKIE). A light-hearted project brought into existence on August 15, COOKIE experienced an astonishing 5000% price hike from its initial offering.

Forget about its meme-coin origins for a moment and delve into COOKIE’s price analysis. Its opening 24-hours was a spectacle leading to a price lift of 2,338%. And within the first hour of its official launch, the token prices rocketed by 612%. Naturally, such dramatic price fluctuation picked up the interest of DEX markets. COOKIE’s second-hour performance was even more stunning as it surged by another 1,000%, only to meet a strong resistance level at $7.80. This forced the price to dip by 60% as early supporters seized the opportunity to make a profit.

However, the following 8-hours post-downturn witnessed another favourable rally of 215%, pushing the price to an all-time high of $10.08. Still, COOKIE currently rests in a rather precarious zone of local solidarity. The swift rally seems to be dwindling as sell numbers have started to surpass the buy numbers. But as COOKIE experiences typical DEX retracement, another meme-coin, Wall Street Memes has turned heads by raising $25 million during its presale.

Wall Street Memes is not just the successor to Dogecoin or JIM—its democratic price of just $0.0334 and the potential to generate massive gains for presale investors has piqued consumer interest. Expressing the sentiment of the anti-bank movement in a tokenized form, WSM is becoming an investors’ favourite, not solely because of the built-in 30% profit for presale investors but also because of its immense consumer base of a million strong.

Adding to its attraction, a mysterious crypto whale invested $1 million in the WSM presale this August. A clear endorsement for WSM’s potential, this substantial investment has further magnified its appeal amidst the crypto community. WSM also allocates 30% of its supply to community rewards and 50% towards the presale, making it an accessible and democratic project.

Cryptocurrencies are notoriously volatile and investing in them can be risky. However, the surprising success of these meme-coin projects displays an intriguing new dimension to the crypto market. While this doesn’t serve as investment advice, it does underscore significant shifts and new opportunities in the crypto world.

Source: Cryptonews

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