New Meme Coin $WSM Raises $7 Million in Under 3 Weeks – is This the Next Dogecoin?
New meme coin Wall Street Memes ($WSM) is blasting through its presale and has now reached $7.1 million in less than three weeks.
Having launched on May 26, the popular project is seeing an average of more than $350,000 of purchases every day as investors rush to secure their meme coins.
Hype continues to build around the project due to its massive social media following and proven track record of success in the space.
Major crypto analysts on YouTube such as Jacob Crypto Bury and Dutch analyst Corne Marchand have even compared it to Dogecoin, Shiba Inu and the recently trending Pepe.
What is $WSM?
Amid the meme coin frenzy that has been raging since late April, dozens of new coins have been launched but few of them have enjoyed sustained success.
Wall Street Memes has the chance to do just that because of its already cemented place in the crypto space, with an already large following and proven experience in success.
The project was borne out of the Wall Street Bets subreddit that helped spark the GameStop short squeeze in early 2021 and has since amassed around a million social media followers across its platforms, such as Twitter and Instagram.
It launched the Wall Street Bulls Ethereum NFT collection later that year, which totally sold out in just 30 minutes, has seen more than $3 million in trading volume and now has four related collections
More recently, it launched a successful Wall Street Bulls Bitcoin Ordinals NFT collection.
Wall Street Memes has now taken the obvious step into releasing a meme coin, $WSM, which is already in stage 13 of its 30-stage presale having launched just over two weeks ago.
Elon Musk and Wall Street Memes
Elon Musk may not follow the Wall Street Memes Twitter page directly but he follows some who do and has interacted with the account on multiple occasions in the last couple of months alone.
In March, he agreed with a meme that aimed a shot at the Federal Reserve:
Then in April, he replied with a laughing emoji to an old video where he referenced inverse Jim Cramer – a popular strategy to do the opposite of whatever the CNBC financial analyst suggests:
It is obviously impossible to know whether Musk, the world’s richest man and a known proponent of crypto, has invested in $WSM, but it is highly likely he is at least aware that Wall Street Memes is now on the verge of launching its own token.
$WSM is not a utility token but that has not stopped the likes of Dogecoin and more recently Pepe from showing incredible growth as retail investors continue to speculate on meme coins.
In May, the frog token reached a market cap of almost $2 billion in just 17 days, growing 7,000% in price. That means an investment of just $100 would have been worth $7,100 just over two weeks later.
$WSM has several key performance indicators that could see the project rapidly grow once it is released on exchanges.
As well as its massive social media following, well-known place in the market and experienced team, $WSM also has a strict supply of just 2 billion tokens.
A billion of those, 50% of the max supply, have been made available during the presale to all buyers, with no vesting period – there is a hard cap of around $30 million.
A further 30% has been reserved for community rewards and 20% for DEX and CEX liquidity, with a listing planned for Q4, though that could come sooner given the current speed at which tokens are selling.
Importantly, the team have not allocated or locked any tokens for themselves, eliminating the chances of a rug pull and putting the success of the project 100% in the hands of the community.
The roadmap has targeted a market cap of $1 billion by the end of phase 3, which will come after they further partnerships and collaborations with meme creators and influencers.
At the time of writing, tokens are currently on sale for $0.0286 during stage 13 – and rising 18% to $0.0337 in the final stage of the presale – a $1 billion market cap would see $WSM tokens priced at $0.50, or a 1,600% price increase from today.
Visit Wall Street Memes Presale
AiDoge Another Meme Coin That’s Making Waves
Another recently launched meme token project generating significant hype in the community is AiDoge ($AI).
The $AI token presale raced through its $14.9 million hard cap, selling out in just four weeks as hype went into overdrive for the new project.
Its next stop will be to list at its initial exchange offering (IEO) on June 19. A limited amount of tokens are still available to purchase ahead of the IEO for $0.0000336, the same price that they will list for.
Excitement has been building around the project because it is a meme coin with actual utility. AiDoge will allow users to create memes using text-based generative artificial intelligence that can be shared across Web2 and Web3.
The memes are also turned into NFTs, meaning there is clear ownership and value attached to them, while users can also earn $AI tokens as rewards for the best memes – they will be displayed on a public wall where other users can upvote their favorite creations to earn the rewards.
To generate memes, users need to purchase credits, which can only be paid for in $AI tokens. Much like ChatGPT, users then use text to instruct the AI how to generate its memes, with the ability to fine-tune them with more instructions.
Furthermore, AiDoge’s AI will use machine learning to gain knowledge on which memes are most popular and have the best chance of going viral, then applying that knowledge over time to generate better memes.
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