There is a certain unease simmering in the cryptocurrency world. Blue chip digital currencies such as Bitcoin and Ethereum have been taking a step back, reaching one-and-a-half month lows around $29,000 and low $1,800s, respectively. The nervous vibe could be traced back to the recent security breach involving one of the most reputable decentralized exchanges (DEX) Curve Finance, which stirred the overall trust in Decentralized Finance (DeFi).
Another potential ground for anxiety could be arising from the newly filed lawsuits by the US Securities and Exchange Commission against Richard Heart, the founder of Hex, PulseChain, and PulseX, accused of issuing unlicensed securities and misappropriating investor funds. These collective setbacks, coupled with a palpable summer slump currently stifling the cryptocurrency market, create a precarious environment.
Intriguingly, this grim landscape doesn’t seem to discourage risk-hungry investors, fondly called ‘degens’, who continue prowling the meme coin market for short-term profits. Ethereum-based coins such as The Rock Token ($ROCK), themed on Hollywood celebrity Dwayne “The Rock” Johnson, and Flash 3.0 ($FLASH), the native token of the Flash Transfer platform, have shown exceptional growth in the last couple of days, making them the top gainers as per DEXTools.
There is, however, an eerie underside to these tokens’ stellar performance. For instance, even though $ROCK offers encouraging DEXTscore, it has a potentially troubling aspect – a blacklist function, now renounced, which hints at irregular trading. DEXTools has not yet detected a liquidity lock for $ROCK, implying a lingering risk of an attempted rug pull, similar to what we witnessed with $BALD recently.
Investors looking at these volatile markets for short-term gains should tread lightly. Most of these meme coins lack any substantial underpinning utility or a visionary project making their long-term worth questionable. For those in search of promising opportunities, presale projects, for example, Wall Street Memes (WSM), could prove a more solid catch.
The WSM token presale has so far raised an impressive $19.2 million. With a vast community across two Instagram channels, Twitter, and a million-strong bunch of degens, WSM token stands a fair chance of landing on notable crypto exchanges like Binance. Coupled with a promise of airdrops for holders and 30% of the token supply earmarked for community rewards, the future of Wall Street Memes looks promising.
Nevertheless, caveat is in order: crypto investments carry high stakes, hence caution and discretion should be your guides.
Source: Cryptonews
