Monday, 2nd October 2023 – Wall Street Memes ($WSM) has come from a standing start to become the 4th-most-traded meme coin in global crypto markets.
The astonishing achievement comes just six days after its first centralized exchange listing, with more listings due to be announced on Wednesday.
Nearly $60 million $WSM has been traded since the token was listed on OKX on 26 September. That compares with $79 million for Pepe, $103 million for Shiba Inu, and $222 million for Dogecoin – no mean achievement for a six-day-old token.
Over the weekend, $WSM was beating both Pepe and Shiba Inu in 24-hour volume traded. Rumors swirl that the next exchanges to list $WSM could include Binance or Kucoin.
As volume continues to pile up for Wall Street Memes, trading interest is exactly the metric that exchanges seeking out new coins to list are most interested in.
$WSM is the 4th most traded meme coin in the past 7 days
At the moment $WSM can be traded on OKX, HTX, MEXC, LBank, CoinEx, BitMart and BingX centralized exchanges. It took Pepe 17 days from listing on decentralized exchanges to list on Binance, when its price rocketed 2,000%.
As ‘Uptober’ and altcoin season kicks off, $WSM has exploded onto the scene at just the right time.
The fourth quarter of the year, going by past performance, is usually the best for crypto, and 2023 is looking like it will be no different in that respect.
What’s good for crypto will of course be good for meme coins in general and $WSM in particular.
Wall Street Memes has also been attracting buyers because of its verifiable connection with multi-billionaire Elon Musk, the richest man in the world. Musk has interacted with the WallStMemes’ X (formerly Twitter) account on a number of occasions.
MEXC exchange initiates futures trading in $WSM
Meanwhile, in an important breakthrough for a meme coin, the MEXC exchange has opened the first futures market for the $WSM/USDT token pair, adding to positive sentiment for the new meme coin. The crypto futures markets are far bigger than the spot ones.
Market participants should expect to see other trading venues follow MEXC’s lead, as exchanges compete to attract trading volume around popular trending tokens like $WSM.
News of $WSM debuting on futures markets comes in the wake of the launch of two new Ether-based futures exchange traded funds (ETFs): Bitwise Ethereum Strategy ETF (AETH) and the Bitwise Bitcoin and Ether Equal Weight (BTOP).
Also helping to drive price momentum today for crypto – and $WSM – was the news that US exchange Coinbase has just landed a payments license from Singapore financial regulator, the Monetary Authority of Singapore.
Wall Street Memes is the first top meme coin with utility by design
Wall Street Memes aims to democratize the financial system by bringing its King of Stonks success with meme stocks to crypto. Interest in the coin has been driven by an existing community of 1.1 million on social channels, ranging from nearly half a million on Instagram to a quarter of a million on X.
But the team at Wall Street Memes are not resting on their laurels. There are now 36,706 members of its Telegram channel, where activity is frenetic as excitement about the project continues to grow.
An overarching theme driving interest in $WSM is the fact that in many ways it is not the average meme coin.
Meme coins, almost by definition, don’t do anything much other than pay homage to a meme character and stimulate the birth of a community around that.
Adding utility, if at all, is something that comes much later and is often an afterthought at best, as in the case of Shiba Inu.
Sure, as with all crypto, meme coins have the ultimate utility of being exchangeable, but as we know, the theory and practice of that are two entirely different things – in other words, the tokens can be issued, but whether they are actually exchangeable for goods and services depends on the potential receiving party.
However, the team at Wall Street Memes, by design, has been focused on utility from the outset.
To that end, it has been announced that a major product will be launched this month. That comes on top of a staking platform rolled out a couple of weeks ago that has been enthusiastically received.
Staking lets $WSM holders earn income and lock in capital returns
Initial stakes are locked for seven days and currently earn an annual percentage yield of 36%. 551 million $WSM are staked and the first unlock takes place tomorrow. However, many are likely to choose to remain in the staking pool in order to maximize their income returns.
There are no top meme coins that include a staking system as part of their product offering, which makes Wall Street Memes stand apart in its commitment to delivering value for its community.
Although there has been no indication as to what the mystery product coming in October might be, whatever it is, it will be value-enhancing for token holders if the staking product is anything to go by.
The team has also said it will be undertaking a burn program, which will have the effect of decreasing $WSM token supply over time, thereby increasing its scarcity and the value of remaining tokens.
Traders should also note that Wall Street Memes is currently conducting a generous $50,000 airdrop competition, which can be entered on Gleam.
Next stop for Wall Street Memes token price is $0.065 and $0.10, but 1,000x gains could be coming
In its brief trading history, $WSM has registered an all-time high (ATH) of $0.089. As liquidity floods into its trading pairs across spot and futures markets, a challenge to the ATH is expected soon.
$WSM is currently trading at around $0.060 – and was as high as $0.065 earlier in the European session – as bulls take a breather before the next push higher.
Presale buyers able to lock in the lowest available price of $0.025 are today sitting on a gain of 140%, or almost 2.5x.
The next price target for bulls is $0.10, as the price gathers fuel to kill a zero.
$WSM has built strong support between $0.050 and $0.040, as can be seen on the volume profile indicator. Value is up, as shown in blue, which means at that price range there have been more buyers than sellers.
A double bottom has also helped to keep profit-taking bears at bay around the $0.050 level. A march higher to $0.065 was cut short but shows intent on the part of traders and is the key resistance area to break for bulls.
But the chances of a parabolic price breakout are increasing. X crypto analyst Jake Gagain with 220,000 followers thinks $WSM could be the next 1,000x gem.
2 more crypto winners for altcoin season – Meme Kombat and Bitcoin Minetrix
If you are eager to find another Wall Street memes opportunity, Meme Kombat ($MK) is one, on sale now for $1.667.
Meme Kombat is a platform for battling with meme characters and is the first of its kind in the crypto space.
Gaming and gambling are super popular. Just today Elon Musk provided a preview of a gaming streaming service on X. Lash that up with gambling, the biggest sector in crypto, and Meme Kombat looks like a sure-fire winner.
The project has raised $218,000, with an initial target of $1 million. You can buy Meme Kombat token today with ETH, BNB or USDT.
The Bitcoin hashrate is at an all-time high, as Bitcoin proves its worth as the most secure network of any kind in the digital world. It is also proving to be a great green option for energy usage by harnessing greenhouse gasses like methane and by increasingly using renewable sources for its hashrate.
For those seeking exposure to this bullish backdrop, Bitcoin Minetrix is an exciting new Bitcoin cloud mining platform built on Ethereum.
It offers the world’s first truly decentralized cloud mining platform and has raised $329,000. Simply stake the $BTCMTX token and earn credit, which can then be used to mine Bitcoin.
No cash changes hands, with credit allocations automated through smart contracts. Bitcoin Minetrix is a scammer’s nightmare because it puts them out of business. It is also the most efficient form of cloud mining for retail investors.
$BTCMTX is priced at $0.011, and the project has raised nearly a quarter of a million dollars in days, so there’s no time to lose to invest in one of the most innovative projects in crypto right now.
Buy $WSM on OKX
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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