Wall Street Memes is making waves in the crypto world, raising $200,000 in less than a day for its new community token, $WSM.
Backed by a massive community of “degens”, Wall Street Memes looks likely to make a seismic impact on the meme coin market, which has seen a recent downturn in trading volumes.
Investors are now speculating whether $WSM can emulate (or even surpass) the incredible success of meme coin stalwarts like Dogecoin, Pepe Coin, and Shiba Inu.
Rapid Onboarding of Early Investors Elevates $WSM Presale
Interest in $WSM tokens has already reached incredible heights, despite the Wall Street Memes presale being less than 24 hours old.
Early-bird investors have rushed to snap up $WSM, given that it’s underpinned by the colossal strength of the Wall Street Memes community, which is formed of more than 400,000 “degens” across several social media platforms, including 200k on Twitter and 150k on Instagram.
In addition, the token’s founders have already tasted incredible success in the digital assets space with the 2021 release of the Wall St Bulls NFT collection, which sold out in 32 minutes.
This collection has maintained its popularity over the past two years, amassing over 1,861 ETH in trading volume – equating to over $3.3 million based on today’s ETH rate.
Hype is also building around an upcoming Ordinals NFT collection, with fierce competition for whitelist spots and only 420 available to mint.
Now that the Wall Street Memes team has entered the crypto market, anticipation is already building as investors are eager to see if the launch of $WSM can replicate the success of the NFT collection.
The official Wall Street Memes Telegram community is already seeing significant growth, with new members sharing their excitement about the potential of $WSM.
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Wall Street Memes Catches the Eye of Crypto Influencers
The fact that the Wall Street Memes presale has already amassed over $200,000 in funding has managed to catch the eye of prominent crypto influencers.
YouTuber Jacob Bury, who boasts over 17,100 subscribers, posted a video breakdown of the project – speculating that the $WSM token could be the next 100x crypto gem.
Meme coin lovers are also paying close attention to the Wall Street Memes Twitter account, which recently teased the pending launch of the next Wall St Bulls NFT collection, this time tapping into the Bitcoin Ordinals frenzy.
The new 420-piece collection will be launched on the Magic Eden on Bitcoin marketplace – which has become the go-to for those interested in Bitcoin NFTs.
Naturally, the investment community has viewed this upcoming NFT drop as a huge positive since it highlights that the Wall Street Memes development team remains active and committed.
Furthermore, the NFT launch could spur additional demand for $WSM tokens due to their closely linked relationship.
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Strong Wall Street Memes Community Suggests Promising Future
Despite these encouraging events for the Wall Street Memes presale, the token’s success will primarily be driven by the strength of its community.
This community was born out of the defiance shown by WallStreetBets subreddit members, who toppled the hedge fund Melvin Capital back in 2021.
Melvin Capital attempted to short GameStop shares, yet retail traders rallied together and battled back, purchasing shares to force the company’s stock price higher.
As the stock price rose, short sellers had to save face and purchase GameStop shares to close their positions, creating a short squeeze’.
This short squeeze saw the GameStop share price rocket by over 3,500%, highlighting the incredible power that retail investors have.
Since that episode, the WallStreetBets community has strengthened, supporting meme stocks like AMC Entertainment and Bed Bath & Beyond.
Given Wall Street Memes’ close ties to the WallStreetBets subreddit, the project is in a great position to leverage this engaged base of retail investors – which could potentially cause a dramatic shift in the meme coin market.
Unique $WSM Tokenomics Set Stage for Long-Term Price Growth
The project’s unique tokenomics will also shape the potential impact of $WSM.
Rather than follow an inflationary model, where the token supply is continually increasing, the Wall Street Memes team has opted to fix the total $WSM supply at two billion tokens.
Half of these tokens are earmarked for the presale, which is open to all, and the remaining half is used for community rewards and CEX/DEX liquidity – no private sale and no team allocation mean the project will be 100% community driven.
Details are currently scarce on what these community rewards might be. However, the Wall Street Memes website does reveal that the project’s inaugural airdrop is now open to $WSM holders.
Token holders can give themselves a chance to earn additional $WSM simply by joining the official Discord server and completing a list of simple, social media-related tasks.
Overall, the Wall Street Memes team is giving away $50,000 worth of $WSM to five lucky winners – a giveaway that has already piqued the attention of early investors.
Further enhancing investor optimism is the reveal that Wall Street Memes’ development team is not holding onto a token allocation for themselves.
This is viewed as a bullish signal since it eradicates the chance for a dreaded rug pull and signifies the team’s long-term commitment to the project.
Fueled by a strong community and innovative tokenomics, Wall Street Memes stands poised to disrupt the meme coin niche – signaling a fascinating new chapter in the crypto market.
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