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Meme coins have made an incredible comeback in the past few months. Pepe, Milady, Turbo, AI and Sponge are just a few of the new coins that were launched and went through the roof. Now, with the WSM, the Wall Street Memes coin, a new player has entered the ring who wants to conquer the top of the meme coin ranking.
It all started with the Dogecoin
If bitcoin is the mother of all cryptocurrencies, then dogecoin is the father of all meme coins. The coin was launched in 2013, actually as a parody of Bitcoin. The DOGE was invented by the two programmers Billy Markus and Jackson Palmer. The meme coin with the Shiba-Inu quickly won the hearts and wallets of crypto enthusiasts, even though the coin has no utility and is deflationary. The coin’s market cap is around $9 billion. The DOGE is currently in 8th place in the crypto ranking.
What DOGE and WSM have in common
Dogecoin and WSM or Wall Street memes (so far) have two things in common: Elon Musk and the strong community. Word has gotten around in the crypto universe that Elon Musk is a big fan of the coin meme. Even if his great love for Dogecoin landed him a billion-dollar lawsuit for damages. The second richest person in the world has already interacted with Wall Street Memes twice on Twitter.
— Dogecoin (@dogecoin) April 27, 2023
What both signs still have in common is the incredibly strong community. Over 3.8 million people follow the Dogecoin on Twitter alone. The Dogarmy is probably one of the strongest meme base communities, using “their base” to start crowdfunding for the Jamaican bobsled team, for example. Thanks to the funding campaign, the team was able to participate in the 2014 Olympic Games in Sochi. At the head of the Dogarmy is, of course, Dogefather Elon Musk. Around 1 million people follow the Wall Street Memes platform on social channels – and the trend is rising.
It all started with wall street betting
Wall Street Memes has its roots in the now legendary Reddit forum, Wallstreetbets. In 2021, the company Gamestop was struggling to survive and stay on the American stock market. However, some large hedge funds had bet directly against this, ie a bet on falling share prices. But they were included without the gamers, the nerds and the small investors.
introducing $WSM – yes, we’re gone and done.
The community token that is turning the Wall Street Memes game upside down! 🐂
Let’s make some serious waves together, … pic.twitter.com/fH2TMGmglZ
— Wall Street Memes (@wallstmemes) May 27, 2023
They agreed to buy Gamestop’s share at Wall Street Bets and pushed the price to over 300 US dollars at times. The hedge funds lost billions, and even Melvin Capital had to be bailed out. However, the company was then liquidated in 2022. Wallstreetbets demonstrated quite impressively how big the concentrated power of small investors can be – and this is exactly where Wall Street memes have their roots.
Greed is good
Greed is a good quote found on the Wall Street Memes website. It comes from Gordon Gekko (Michael Douglas) from the cult film Wall Street with Oliver Stone. In this film, Douglas plays a financial shark who has made his fortune by selling useless stocks. Most meme coins are just as “useless” because they don’t actually have any utility. This also includes USC. However, some small investors have become millionaires with meme coins. Recently, Pepe the whale became an overnight millionaire with a meme coin without real use.
— Wall Street Memes (@wallstmemes) June 23, 2023
By the way: The missing utility makes it very difficult to declare a meme coin as a security. The SEC has taken a much stricter approach in recent weeks and has declared Solana, Cardano and Polygon or their coins to be securities. Prices immediately fell.
Does WSM have what it takes to be the new Dogecoin?
One point that suggests the WSM could be as successful as the DOGE is the record pre-sale of coins. Within a very short period of time, the foundation managed to collect almost 10 million US dollars to raise capital. The WSM is currently in its 18th stage of a total of 30 pre-sale stages. Currently, approximately $350,000 worth of WSM tokens are being sold every day. That means it looks very likely that the pre-sale may end well before its intended end. WSM currently costs $0.0301. If you still want to get tokens at a cheaper PreSale price, you should hurry a bit, because with the high speed this level could be sold out soon. The Wall Street Memes team is no stranger to the crypto universe. In 2021, the platform launched the Wall St. NFT collection. Bulls, which was limited to 10,000 pieces. This sold out within 32 minutes.
Last updated on June 23, 2023
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