The WSB Coin has fallen by 86% following what appears to be a rug pull. PeckShield and others have reported on the token being dumped for ETH.
The WSB Coin, which some in the crypto community have deemed the unofficial coin of the Wall Street Bets community, has plummeted by 86%. The drop in price comes as some allege that the project’s founders have allegedly executed a rug pull.
WallStreetBets Meme Coin Pulls the Rug
The WSB coin made headlines recently for its sudden surge in value. The token increased by about 320% in about a day, setting off discussions in the crypto community. Investors flocked to the token once they got wind of the rise in price.
PeckShield also stated that a large portion of the tokens was traded for 334 ETH, with another wallet trading it for a smaller amount. About $650,000 in ETH has been traded so far.
Even those who have been associated with the WallStreetBets community have spoken of the token before. This makes the alleged rug pull even more notable and will surely draw the ire of the crypto community and those in WallStreetBets.
For instance, WSBMod, a former moderator of the subreddit, has contacted the founder of the token, zjzWSB. The former tweeted that he would file a police and FBI report if the latter didn’t get in touch with him.
ZachXBT also tweeted about the development, saying that the founder had messaged him in November 2022. He also reached out to WSBMod for more information.
What Is the WSB Coin?
WSB Coin (WSB) deemed itself the “official coin” of the WallStreetBets community, using its imagery and identity to promote itself. It called itself a meme coin with “10% of the $WSB supply is reserved as a treasury for the r/wallstreetbets sub to do with as they please.” It also claimed to reserve 5% of the tokens for the current moderators of the subreddit.
The project even had its own litepaper, though the information was unsurprisingly sparse. There was little in the way of substantive technical details, instead focusing more on airdrops and token allocations.
WallStreetBets achieved fame for its role in boosting the price of the GameStop (GME) stock. The army of like-minded investors pushed GME’s stock to meteoric levels and has since only grown in size and amplitude.
Pepe the Frog Meme Coin Also Skyrocketing
The crypto market has seen a few meme coins skyrocket in the past few weeks. One of the more notable ones is the PEPE coin, which doubled in value overnight. The token is based on the popular meme Pepe the Frog.
Such tokens often provide investors with a big boost in profits, but they can also be sketchy and prone to pump and dumps. As such, analysts and seasoned investors often warn against them.
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