L The Memecoin ($L) has burst onto the scene in the past 24 hours, with the token’s price soaring over 6,700% on Tuesday.
$L is the latest coin to catch meme enthusiasts’ attention, primarily due to it drawing inspiration from Elon Musk and Twitter.
However, many market participants are now questioning whether $L is legit – or whether it’s just another meme coin rug pull.
$L Rockets Upon Uniswap Listing Due to Musk-Inspired Design
According to DEXTools.io, L The Memecoin is ranked third in the platform’s list of hot crypto pairs, highlighting how quickly it has caught traders’ attention.
Over $13.7 million worth of $L was traded in the past 24 hours alone, helping give the token a market cap of $10.4 million.
Impressively, more than 3,000 unique wallet addresses already hold $L – all in the space of one day.
The token’s excellent start to life can be attributed to its Musk-inspired aesthetic, with the project’s official website detailing plans to create a community that supports Elon Musk’s Twitter.
Twitter Blue subscribers will be eligible for an $L airdrop based on a proprietary algorithm that scores how much their account is “worth.”
At the time of writing, there have been over 4,100 $L airdrop reservations, with token distributions scheduled to occur from June 26 until July 3.
Aside from this setup, $L has no other use cases – although the coin’s creators have stated they plan to create a community of “real people, not bots,” which suggests future developments may focus on fostering active engagement.
L The Memecoin Criticized by Twitter Community
However, there are already concerns about the legitimacy of L The Memecoin, as some believe it could be another fraudulent project.
On Tuesday, Alex Kruger, a well-known figure in the crypto world, tweeted that the coin may be an Andrew Lee scam.
Kruger also cautioned potential investors that all of Lee’s coins have ended up worthless in the past.
Andrew Lee is the founder of several small-cap coins and has been criticized for his alleged scams in the past.
Another Twitter user, x1.eth, also branded L The Memecoin as a scam – using a previous Andrew Lee coin ($SOV) to highlight how a rug pull would occur.
In light of these concerns, prospective investors are exercising due diligence before putting their money into $L, given the potential risks of financial loss.
Wall Street Memes Lights Up Crypto Market & Raises $10.9m
Although L The Memecoin draws inspiration from Elon Musk’s Twitter antics, the tech entrepreneur has never directly interacted with the coin’s socials.
On the other hand, Wall Street Memes ($WSM), a new project from the creators of the Wall St Bulls NFT collection, is a meme coin that Musk has engaged with.
In March, Musk replied to the Wall Street Memes Twitter account when it posted a meme satirizing the Federal Reserve’s monetary policies.
This interaction with Musk helped create a buzz around the Wall Street Memes brand – with the creators now looking to make their mark on the crypto market by launching $WSM.
Early investors can purchase $WSM tokens through Wall Street Memes’ presale, which has now raised an impressive $10.9 million.
The response to this presale has been enormous, driven by the colossal nature of the Wall Street Memes community of “degens.”
Wall Street Memes’ Instagram page boasts over 532,000 followers, while the official Twitter account has an audience of more than 255,000 people.
The project has even caught the attention of some high-profile crypto influencers – with Crypto Jamie pledging to join Wall Street Memes as an ambassador.
As Wall Street Memes enters the final stages of its presale, investors are already looking ahead to $WSM’s debut on Uniswap in the coming weeks, which promises to be a hype-fuelled event.
Visit Wall Street Memes Presale
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