The recent announcement by PayPal regarding its new stablecoin has inevitably stirred a buzz within the digital currency market. This announcement, initially commended for its 1:1 cash reserve proposition, later cultivated scepticism among crypto-enthusiasts, due to a controversial freeze function embedded in the smart contract.
Amidst the hype, PYUSDF emerged—a droll representation of PayPal’s stablecoin, and the latest DEX-launched meme coin to witness a dramatic overnight rally. It showed startling momentum right from its launch, vaulting an almost unthinkable +10,500% in the first hour alone, and further climbing up by additional 70% over the next twelve hours.
However, as the old adage goes, all good things must come to an end. Early on August 11, PYUSDF met a precipitous fall, with price nosediving by -60% within an hour. Nevertheless, market speculations hint that PYUSDF might be preparing for a second rally, with the recent couple of hours showing a resistant +40% upswing.
Amidst the chaos, another project is receiving attention— Wall Street Memes. Instead of adopting PYUSDF’s satirical approach, Wall Street Memes stands positioned as a legitimate player, looking to carve long-term growth prospects. Boasting a robust community of over 1 million, the project’s presale impressively generated more than $23 million in funding.
Employing a democratic price point of just $0.0331, Wall Street Memes has already displayed considerable popularity in the DEX markets. A key contributing factor towards its allure is the promises of significant gains for presale investors, a fantastic +30% during its initial listing.
Furthermore, in respecting the anti-bank ethos of Wall Street Bets, Wall Street Memes’ democratic project seeks to give back to its community, allocating 30% of the token supply for community rewards.
As the project garners more online visibility, major CEX listings like Gate.Io have shown interest, potentially further fuelling the price surge of its token, $WSM. Given the success of the Wall Street Bets NFT collection, Wall Street Memes continues to thrive on the triumphant surge and public response from past projects.
Overall, while the new wave of PayPal inspired meme coins has undoubtedly ascended the crypto charts, it’s fair to approach the highs and subsequent lows with a grain of salt. Nevertheless, the optimistic outlook for projects like Wall Street Memes highlights the potential of meme coins to evolve beyond mere satire, and into substantial prospective investments.
Caution is advised in engaging with digital currencies, as it’s a high-risk asset class and would-be investors could lose all of their capital. Proper research and understanding should be implemented before diving into the crypto market.
Source: Cryptonews
