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Wall Street Memes ($WSM) is proving its salt as a meme coin that puts community first, having just completed its first major token burn following a community vote, as per an announcement on the project’s official Telegram channel.
The team behind the meme coin just burnt 10% of the rewards wallet – accounting for 2,257,336 $WSM tokens (worth nearly $80,000).
The project announced an exciting token buyback scheme earlier this month, delivering a pump to the $WSM token price amid excitement about the prospect of $WSM becoming deflationary.
Weekly community votes will now occur on the project’s Telegram channel to decide the fate of bought-back tokens.
The community may opt to continue burning tokens, which will, over time, boost the value of $WSM, or to add them to Wall Street Memes’ reward program.
The latest token burn came just hours after tier 1 cryptocurrency exchange ByBit listed $WSM perpetual futures on its exchange, allowing traders to access massive leverage when trading the cryptocurrency.
$WSM is now listed on 14 exchanges.
$WSM is now trading on all of these exchanges 🔥
Which exchange do you want to see list $WSM next?
Let us know … 🚀Buy Now ➡️ https://t.co/ffr2clEknx pic.twitter.com/cbOUicGTwg
— Wall Street Memes (@wallstmemes) October 13, 2023
Wall Street Memes is one of the internet’s largest retail investment communities, gaining prominence during the meme stock craze of early 2021 that saw the likes of GameStop ($GME) pump.
Wall Street Memes has more than 1 million followers across its social media channels and consistently goes viral with its hilarious memes, which have attracted interactions from some of the biggest names on social media, like Elon Musk on X (formerly Twitter).
The community has been expanding its relevance in the crypto space in 2023, hence the launch of its marquee $WSM meme coin, which quickly raised over $25 million to sell out a blockbuster presale over the summer.
Earn Impressive APYs Passively with $WSM
Not only is $WSM deflationary thanks to the team’s token buyback scheme, but $WSM also has another unique feature that differentiates and sets it above its other major meme coin rivals – it offers one of the crypto market’s best passive income opportunities.
$WSM investors can stake their tokens, and staking rewards are currently yielding a whopping 43%, as per the Wall Street Memes official staking dashboard.
It is no wonder that $WSM has quickly established itself as the crypto world’s fourth most traded meme coin.
As per CoinMarketCap, Wall Street Memes last had a 24-hour trading volume of around $29 million, behind only Dogecoin, Shiba Inu and Pepe Coin.
Its 24-hour trading volume was well ahead of Floki’s despite Floki having a market cap nearly three times as high.
Amid such substantial trading volumes, it is no wonder that dozens of cryptocurrency exchanges have now listed the token and that exchanges like ByBit have also listed derivative products such as perpetual futures (allowing leveraged trading).
$WSM is now trading on all of these exchanges 🔥
Which exchange do you want to see list $WSM next?
Let us know … 🚀Buy Now ➡️ https://t.co/ffr2clEknx pic.twitter.com/cbOUicGTwg
— Wall Street Memes (@wallstmemes) October 13, 2023
$WSM’s market cap was last around $60 million, with each token worth around $0.035.
That’s still above the token’s presale price (of between $0.02-0.35) after $WSM went as high as $0.075 in late September, reaching a whopping market cap of nearly $150 million.
Anticipated $WSM Product Launch Fuels Excitement – Can It Outshine Dogecoin, Shiba Inu, and Pepe?
Hype is rapidly building surrounding an upcoming launch of a new Web3 product by the Wall Street Memes team that $WSM would be the native token for.
The team hasn’t yet given any indications as to what this product might be – could it be a blockchain-based game, some DeFi trading platform, or some GambleFi product?
Stay tuned for updates this month 🚀 $WSM pic.twitter.com/BGdqhKmIFz
— Wall Street Memes (@wallstmemes) October 1, 2023
Whatever platform the Wall Street Memes team launches will immediately attract a lot of usage thanks to the community’s huge marketing capabilities, which should further boost $WSM demand.
This will substantially boost $WSM’s utility, further bolstering its potential to surpass rivals like Dogecoin, Shiba Inu and Pepe.
After all, are these rival meme coins yield-bearing or deflationary, and do they function as the native token of a popular web3 protocol?
Buy $WSM on the Wall Street Memes website
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