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Ever since BlackRock and Fidelity Investments showed their interest in acquiring approval for Bitcoin spot ETF, the cryptocurrency market price has taken recovery steps towards the bullish trend.
Bitcoin being the mother coin often affects the price movement of altcoins. When it gains, altcoins gain, and when it loses, altcoins also lose.
Notably, a new meme token, $POWELL, seemed to have benefitted from the recent investors’ interest in cryptos following the surge in Bitcoin price.
$POWELL skyrocketed by 5600% on DEXTools when it reached $0.003977 from $0.00002057 on June 21, 2023. Today, June 22, 2023, the Powell token is currently trading on a bullish trend at the price of $0.002464 as of the time of writing.
Brief Overview of $POWELL Token and Its Past and Present Price Action
The $POWELL token is a meme crypto project inspired by the U.S. Federal Reserve Chair, Jerome Powell.
The project team aims to use the meme token, $POWELL, to honor the Chairman for his useful decisions that impacted the global economy positively.
Furthermore, the project team cited that Jerome Powell somehow influenced the decision of BlackRock on Bitcoin spot ETF which caused the Bitcoin bull run of June 20, 2023.
Notably, the project team drew inspiration from some of Powell’s statements, such as crypto seems to have continuing power and stablecoin is a kind of money.
A crypto analytical platform, DEXTools revealed that $POWELL started trading on its terminal on June 21, 2023, at an open price of $0.00002057.
The Powel token continued with its gain momentum and made a significant surge within that same day, attaining the highest price at $0.003977.
Notably, after the bullish run, the bulls lost the momentum to sustain the trend. As of today, June 22, 2023, the bears took over, pushing the price down to its greatest lowest at $0.001055.
$POWELL Likely to Retain its Bullish Trend
Notably, the Powell token will likely retain its bullish trend following the signals from some trading indicators in the crypto analytical platform DEXTools.
The Powell token is trading above its 50-Day Simple Moving Average (SMA). This indicates that the bulls could hold the bullish trend throughout today. Notably, the $POWELL has its Relative Strength Index at 54.89, moving upwards to the overbought zone (70).
If traders buy more Powell tokens, its price level may continue increasing unto it enters the overbought zone (70), which will spark off a trend reversal. Nonetheless, the Powell token has its Moving Average Convergence/Divergence indicator at 54.89 below the signal line.
This suggests that the market price of $POWELL today will likely fluctuate between $0.002464 and $0.002069, considering its faded red histogram bars.
Note the crypto market is highly volatile, with frequent price fluctuations. Ensure you have risk management while trading and you have done an in-depth technical analysis to make a trading decision, as the price behavior is likely to change from this prediction.
$POWELL Tokenomics and Project Plans
The token is built on the Ethereum blockchain, and its tokenomics is as follows, 100 million $POWELL total supply, 6% token reserved for marketing and CEX, 94% for liquidity, and ETH to serve as its liquidity provider.
The project team at Powell Token planned to achieve its aim by planning project activities within 3 phases.
Phase 1:
The team will reveal $POWELL to the world. They will build a strong and loyal community. They will also launch DEXTools update and ETH trending and finally seek organic growth and start marketing.
Phase 2:
Notably, at this phase, the team will start token listing on CoinmarketCap and CoinGecko, launch ETH trending, and embark on intensive marketing to expand its audience.
Phase 3:
The team will make moves for partnerships, start a large token listing on CEX and run several events.
How to Buy Powell Token
Interested investors in the project will purchase $POWELL using WETH following some steps below:
- Visit the website https://www.jerome-powell.com/
- Navigate it and click/tap on the buy $POWELL button
- When it loads, it will take you to DEXTools
- Connect your crypto wallet by selecting an option that suits you
- Verify your connection
- then proceed with your trades to purchase $POWELL
Brief Overview of Wall Street Memes and Its Presale Performance
Wall Street Memes is a meme crypto project born out of excitement to celebrate the triumph of the internet over capitalism. Notably, the project aims to honor a little man who threw a challenge on Wall Street on an infamous GameStop failure of 2021.
The project team intends to connect itself with a strong notorious movement, the WallStreetBets movement that began in 2021 with a community on a social media platform, Reddit.
Notably, the team became famous in 2021 after it sold out its 10,000 pieces of Wall Street Bulls NFT collection and realized $2.5 million just in 32 minutes. Since then, the project team has drawn the attention of many crypto enthusiasts to itself.
With regards to how famous it has become, its possible connection with the WallStreetBets movement, and the recent success noticed in the meme niche of the crypto industry, the team decided to leverage these by creating a token, $WSM, to tokenize the movement.
Note it hinted that the internet had also made ordinary people rich, precisely pointing to memes and crypto projects. Notably, the project team at Wall Street Memes further stated that even useless meme crypto projects contributed to giving ordinary people riches.
Wall Street Memes Presale Performance
On May 26, 2023, the $WSM project recorded $100k in a few minutes before the presale kicked off. Four days later that the Wall Street Memes token raised over $1 million at a selling price of $0.0256.
Then reports on June 3, 2023, shared that the token, $WSM raised $3 million in 8 days showing remarkable success in the project. By June 5, 2023, $WSM reached an astonishing milestone of $4 million in 10 days. Notably, within 2 days, it raised $1 million extra.
The presale of $WSM continued to make a huge success, and by June 9, 2023, reports of the project raising $5 million spread. The presale continued gaining momentum, and by June 14, 2023, the token $WSM hit $6.2 million just a few weeks after the presale started.
Notably, as of June 16, 2023, Analytics Insight announced that the Wall Street Memes presale raised $7 million. Today, June 22, 2023, the $WSM reached another milestone as it raised over $9 million against its benchmark of $9,909,000, over $2 million extra. Within a few weeks, it hit $7 million as of the time of writing.
The recent $POWELL success of 5600% price gain coupled with the current Bitcoin surge might have caused investors who did not invest in Wall Street Memes project also to consider investing in it.
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