A splinter of the original Pepecoin – playfully dubbed Pepe – recently dazzled the decentralised exchange (DEX) markets by posting a jaw-dropping gain of +10,000%. The unexpected triumph of this spin-off meme coin follows in the trail of Pepecoin’s earlier surge to a $1bn market cap back in May. But beneath this spectacular rally dwells a brewing community discontent surrounding the recent actions of the original Pepecoin team. There was a considerable concern when the requirement for multi-signature wallet was reduced to only needing 2/8 signatures and massive quantities of Pepecoin exhibited on-chain movement.
The rise of Pepe commenced at midnight on August 25, gaining immediate market attention and initially rocketing 4,550% within the initial 6-hours of trading. With all this excitement, it should be noted that the buzz was somewhat short-lived. The consequent 72-hours saw rigorously contested price action as holders of Pepe zealously defended the now firm $0.0025 support level. However, after consolidating at this support point, the price witnessed another explosion on August 28 as an immense $23m trading volume poured into the project. Nevertheless, amidst all the anticipation, there’s also a discernible shift of stakeholder funds out of the riskier DEX environment towards safer outlets, including the forthcoming biggest meme coin presale of 2023, with $WSM spearheading the said phenomenon.
Wall Street Memes has, over the past few months, evolved into one of the biggest meme coin presales of 2023, accumulating an impressive $25m from early backers. Dovetailing this is its burgeoning community, now estimated to be over 1 million strong. The project’s appeal is not only in its portrayal of the anti-bank narrative, but also in its humble price point of $0.0337. Early backers have found this particularly attractive, especially considering that the WSM presale rocketed with the $25m raised, signaling the possibility of handsome returns.
Adding an aura of intrigue, a ‘crypto whale’ invested $1m into the Wall Street Memes’ $WSM presale, garnering even more excitement around the coin. The Wall Street Memes project appears to embody equality at its core, dedicating 30% of the token supply to community rewards, 20% towards liquidity, and the remaining 50% up for grabs in the presale. This democratic distribution and the project’s mounting online presence have been pivotal in anticipating listings in major Centralised Exchanges (CEX) like Gate.Io. Such listings may well send the $WSM token on an exhilarating climb, making this a project to look out for.
Disclaimer: The world of crypto is inherently high-risk. This information is solely for educational purposes and doesn’t provide investment advice. Remember, it is possible to lose all of your capital when dealing with cryptocurrencies.
Source: Cryptonews
