The price of WSB Coin (WSB) has risen by over 6,000% since yesterday, following a tweet from the founder of WallStreetBets which helped draw investor attention towards a new wave of WallStreetBet-themed meme tokens.
Since this tweet was posted on Monday, WSB is now standing on a 6,400% gain since May 2, when its price was only $0.0000007752.
And in a week when Pepe Coin (PEPE) has also set the market alight with its market-beating gains, the emergence of WSB seems to confirm a trend for meme tokens during a time of relative market stagnation.
WSB Coin Price Prediction as WSB Blasts Up 6000% in 24 Hours – What’s Going On?
Billing itself as “the official, unofficial meme coin” of r/wallstreetbets, it’s not entirely clear what connection WSB Coin has to the famous subreddit.
Yes, it is allocating 10% of its 69.42 billion supply to WallStreetBets’ treasury and 5% to the subreddit’s moderators, and it also appears to have the cooperation of the blue-ticked WSBMod Twitter account (belonging to a former moderator of the subreddit), which tweeted details of its airdrop on April 29.
Other than that, the coin’s founders are unknown, although its whitepaper states that the ownership of its smart contract has been renounced, meaning its code can’t be changed or tampered with.
But in actual fact, Rogozinski mentioned Wall Street Baby (also WSB) in this tweet, another meme token which the WSB Coin team has claimed isn’t in any way associated with the r/wallstreetbets subreddit.
Despite focusing on a different WallStreetBets token, Rogozinski’s tweet inadvertently helped draw attention to WSB Coin, with the coin reaching a record high of $0.0006569 late last night.
Meanwhile, Wall Street Baby — the token Rogozinski had named — is down by 70% in the past 24 hours, as if traders have begun realizing that it doesn’t have any connection with WallStreetBets.
As with any other meme token, it’s almost impossible to say whether WSB Coin can maintain its momentum, given that even its whitepaper admits it’s “a shitcoin.”
That said, with a 20% airdrop and 15% going to r/wallstreetbets, it potentially has a big community behind it.
This community may be enough to maintain its price over the longer term, and help it enjoy a few more rallies beyond the one it’s having right now.
This article was originally published by CryptoNews.
