Saturday, October 14 – Wall Street Memes ($WSM) – a highly community-based meme based cryptocurrency – has just successfully carried out its largest Token burn ever after being voted on by the community passed, according to the latest announcement on the project's Telegram channel.
The team behind the meme coin just burned 10% of the reward wallet – accounting for 2,257,336 WSM Token (worth nearly 80,000 USD).
The project announced an interesting Token buyback plan earlier this month, boosting the Token price $WSM at the time amid excitement about the prospect of $WSM becoming deflationary.
Each week, the community will vote on the Telegram channel to decide the fate of the repurchased Token .
The community can choose to continue burning the Token, which will help increase the value of $WSM over time, or add them to the Wall Street Memes rewards program.
The latest Token burn comes just hours after tier 1 cryptocurrency exchange Bybit listed Futures Contract $WSM on its exchange, allowing traders to use leverage High leverage when trading cryptocurrencies. Currently, $WSM is available on 14 different exchanges..
Wall Street Memes is a group of people on the Internet who like to invest in popular stocks, famous for giving GameStop ($GME) stock a huge boost in early 2021.
Wall Street Memes has over 1 million Watcher across its social media channels and consistently goes viral with its hilarious meme , attracting engagement from some of the biggest names on social media, like Elon Musk on X (formerly Twitter).
In 2023, the community expanded its influence in the cryptocurrency sector, by launching its own meme cryptocurrency $WSM, which attracted more than $25 million in a presale that ended early in the summer.
Not only is $WSM deflationary thanks to the team's Token buyback and burn plan, but it also has another special feature that helps it stand out and outperform other meme cryptocurrencies – revenue opportunities. The most attractive passive income in the cryptocurrency sector.
Those who invest $WSM can deposit their Token into the system and receive high returns from depositing Token. Currently, the return rate from Token deposits is 43%, according to Wall Street Memes' official Token deposit dashboard.
It's no surprise that $WSM has become the world's most traded meme cryptocurrency after only a short time of launch.
According to CoinMarketCap, Wall Street Memes last had a 24-hour volume of about $29 million, behind only Dogecoin, Shiba Inu and PEPE Coin.
Its 24-hour volume exceeds FLOKI, even though FLOKI has a market Capital nearly three times as high.
This Token has a very large volume , so it is not surprising that many cryptocurrency exchanges have listed it, including Bybit - a reputable exchange that has also listed Derivative products such as perpetual Futures Contract (allowing trading with high leverage).
The market Capital of $WSM is approximately 60 million USD, with each Token worth approximately 0.035 USD.
This is still higher than the Token 's presale price (between 0.02-0.35 USD), after $WSM rose as high as 0.075 USD in late September, reaching a whopping market Capital of nearly 150 million USD at that time.
The Wall Street Memes community is eagerly awaiting the team's new Web3 product which $WSM will be the main Token .
The team has not revealed anything about what this product is – could it be a blockchain game, a DeFi trading platform or a form of GambleFi?
No matter what product the Wall Street Memes team launches, it will quickly gain traction thanks to the power of community communication, which will further increase demand for $WSM.
This will give $WSM added utility, further strengthening its ability to surpass other meme cryptocurrencies such as Dogecoin, Shiba Inu and PEPE.
Ultimately, are these rival meme coins profitable or deflationary? And are they the main Token of famous web3 protocols?
Buy $WSM on the Wall Street Memes website
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