A spectacular surge has rocked the decentralized exchange (DEX) market, with the POW token – popularly known asPepe of Wall Street, blazing past +3,000% in value in an extraordinary gain. This spark is part of a more comprehensive resurgence in on-chain trading activity billed the ‘On-Chain Summer’. Telecommunication trading bots and Twitter-based ventures have also been hitting all-time highs as the cash flow in DEX swells.
The POW token, which cleverly plays with the concept of Proof-of-Work consensus technology, has become the embodiment of the current investing frenzy. While early investors are starting to securitize profits, many are keen on holding out for a potential $5m market cap, a prospect that has sparked countless conversations on Crypto Twitter.
Launched at 11 AM on September 4, the POW token attracted immediate attention as it broke the $0.0677 barrier within a short period and continued to skyrocket, hitting an all-time high of $0.0523. This astronomical value rise fueled an injection of $3.9m into trading volumes. However, a -60% retracement motion followed, which led to a price drop as early investors cashed in.
The retracement motion has carved out a restraint on upward mobility, creating a tough resistance zone around $0.0516. Over 1.5k holders are now at a crossroads, torn between holding on to their POW shares or rotating their profits into other potentially profitable ventures.
Alternative attention has, however, swirled around Wall Street Memes, a presales coin expected to hit big upon its CEX launch in 23 days. As one of the largest meme coin presales in 2023, the coin has recorded an enormous $25m in seed fund backing, raised from its 1m+ strong community.
Interestingly, Wall Street Memes aims to tokenize the anti-bank sentiment expressed on Wall Street while redefining digital value perception. The democratic price point of just $0.0337 has attracted thousands of early backers, guaranteed a built-in +30% gain from the initial listing. An unidentified crypto whale recently swept the Wall Street Memes presale with a whopping $840k purchase, inflating the coin’s potential for monumental returns on investment.
The Wall Street Memes community has grown in leaps and bounds in anticipation of the CEX launch, with the inclusive tokenomics becoming a hit among investors. Regardless of the path that these new market trends carve out, the significance of holding on for long-term gains cannot be more emphasized, even in the face of projected short-term windfalls.
Source: Cryptonews
