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Just 24 hours after listing on top-tier centralized exchanges (CEXs) OKX and Huobi, Wall Street Memes ($WSM) has soared into the ranks of the top meme coins.
$WSM was available in presale for as low as $0.025 and is now trading at $0.040 for a gain of 60% – on OKX the price gained 106%. Trading volume in the past 24 hours has surged to $45 million, and the coin now has a market capitalization of $78 million.
Sorting by 24-hour trading volume on a fully diluted basis, $WSM would be the fourth-ranked meme coin on CoinGecko.
Wall Street Memes coin is already establishing itself as a top 10 meme coin in Europe – it is No.1 on OKX:
The new crypto has also popped up as a top trending coin on the CoinMarketCap community page, with $WSM bulls now having a $100 million market cap near-term target firmly in their sights.
WSM Is Trending No. 1 On Dextools
Wall Street Memes is setting out to revolutionize the financial industry as the champion of the little guy up against Wall Street’s legacy incumbents.
Backed by a 1.1 million-strong social community that grew to prominence around the meme stocks craze and the Wall Street Bets subreddit, Wall Street Memes is bringing its King of Stonks persona to the crypto world.
After raising well in excess of $25 million in its presale, $WSM is already listed on five centralized exchanges. In addition to OKX and Huobi, BitMart, LBank and BingX have followed suit. More exchanges are coming.
On trading site Dextools, $WSM is the No.1 and No.2 trending hot pair.
https://twitter.com/wallstmemes/status/1706972744347230653
Wall Street Memes token debuted on top 10 CEX OKX yesterday at 10am UTC. Trading volume there has surpassed $12 million according to CoinMarketCap data.
Meanwhile, Huobi, which listed $WSM shortly after its Hong Kong-based competitor, has seen volumes mushroom to $27.8 million.
As WSM pumps, Shiba Inu, Pepe slump
The performance of $WSM is in stark contrast to the sluggish prices of established meme coins Shiba Inu and Pepe.
Shiba Inu has been adding utility-enhancing features to its ecosystem, primarily centered on its Shibarium upgrade.
However, a problematic rollout has increased doubts about the Shiba Inu team’s ability to execute. Pepe, on the other hand, makes no pretense of offering anything useful to the world – it is what might be defined as a pure meme coin in that it has no utility beyond being a skit on the Pepe the Frog meme.
The Shiba Inu price is down 0.8% in the past 24 hours, and Pepe is flat, although it has shown signs of life over the past week.
Still, it should be recalled that Pepe has made gains of 2,500% since launch and Shiba Inu is up 80,000x from its all-time low.
Given $WSM’s solid early traction, it looks set to follow a similar stellar trajectory as other top meme coins, but with the product utility to sustain consistent growth.
Market participants seeking alpha will do well to keep an eye on $WSM because it is only at the beginning of its journey.
The coin was also trending in the top gainers on OKX after it was listed at a price to attract maximum buying interest. In its brief trading history, it has reached an all-time high of $0.047, which on OKX gave it a gain of 106%.
Wall Street Memes to announce new products – price momentum to explode
Price momentum is set to accelerate in the coming days and weeks as new products are announced.
In the couple of weeks leading up to the exchange listings the team launched a staking service for token holders, and the take-up has been impressive.
Currently, stakers can earn an annual percentage yield of 40%. At the time of writing 499 million $WSM is staked, equating to a quarter of the total supply of 2 billion.
There is chatter about a “major new product” being launched in the coming weeks, but no official announcements have been made to confirm that or to indicate what it might be.
Exactly what that product news might be will certainly keep interest at a high pitch. However, the project has enough energy and community engagement to take the price towards its medium-term target market cap of $1 billion.
For example, there have been nearly a quarter of a million views of the tweet from the $WSM social team announcing the start of trading on OKX. It has been retweeted 566 times.
🔥You Can Now Trade $WSM on @OKX 🔥
➡️ https://t.co/7wNmO5yIO5 pic.twitter.com/87rVYX09fP
— Wall Street Memes (@wallstmemes) September 26, 2023
$WSM price forecast – poised for a bull run
After the flushing out of presale buyers who took quick profits, the price has created a firm foundation for a bull run.
Expect to see a retest of the high at $0.047 as early as today and then some consolidation before the price begins its next push higher.
A target price of $0.10 would mean a gain of 155% on today’s price – probably a far better risk-reward ratio than is available on any other meme coin at the moment.
Community engagement and product development will combine to create explosive conditions for sustained upward price pressure for $WSM.
Also, the list of top exchanges listing the coin is sure to grow over the coming days, which will reinforce the current positive trend.
With other top meme coins seeing interest cooling, $WSM will continue to draw in buying interest, with its staking utility underpinning each new price advance.
Today’s $WSM price could be the ideal entry point for new buyers, before the product news starts to flow in earnest.
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