WSM: The Meme Token of the Wall Street Memes Project
After the remarkable success of the PEPE meme token, which saw a staggering 7000% increase from its original price, a new contender has entered the arena - WSM. This token hails from the Wall Street Memes project, a venture that curates and shares trading and finance-related memes across social media platforms.
The philosophy behind WSM, detailed in the White Paper, brings together the world of memes and decentralized blockchain technology. The project’s goal, aided by the active community, is to dismantle the conventional financial model.
The presale kicked off on May 26 and will run until September 25, 2023. You can secure the token with ETH, BNB, USDT, or fiat currency. The team has plans to list on both decentralized and centralized exchanges. The smart contract addresses for the token have successfully passed an audit by Solid Proof.
By mid-July, the project had already amassed $15 million in investments. This impressive figure underlines the trust users, who regularly delight in the humorous visuals on the Wall Street Memes’ social media pages, have in the project. The token's brand ambassadors include prominent investors Aaron CryptoNoob and Crypto Jamie.
WSM Token Illustration. Source: Wall Street Memes White Paper
The Genesis of the Wall Street Memes Project
It all emerged in the Wallstreetbets corner of the Reddit forum. Here, traders would exchange thoughts on high-stakes trading strategies and their market insights. In 2021, this subreddit went viral, pulling in a record-breaking 73 million views in a single day. Subsequently, its subscriber base jumped to 6 million, riding the wave of the infamous GameStop stock saga.
One Wallstreetbets community member sparked a discussion, rallying all traders to buy into the game studio GameStop's shares and inflate their value on the stock exchanges. With a united front, retail investors managed to send GameStop's share price rocketing from $20 to $500 in a mere 14 days. The fallout? Major market bears recorded significant losses. To manage the chaos, several exchanges temporarily suspended trading of GameStop shares.
This flash mob was essentially a wake-up call to large-scale financial entities, namely American hedge funds. These institutions were notorious for opening a vast number of short selling positions on GameStop shares, aiming to devalue them for their own benefit.
Subsequently, the Wallstreetbets subreddit spun off into the Wall Street Memes project. This venture aims to demonstrate how the internet's evolution can disrupt the centralized capitalist system. At the heart of WSM's ethos is the retail traders' stand against the monopoly of Wall Street.
Meme from the Wall Street Memes page. Source: instagram.com/wallstbets/
WSM Tokenomics
WSM, based on the ERC-20 standard, has a capped supply of 2 billion coins.
Here's how WSM is apportioned:
- 50% is reserved for marketing endeavors;
- 30% is marked for community rewards;
- 10% is kept for public sales on centralized exchanges;
- 10% is intended for offerings on Decentralized Exchanges (DEX).
In addition, WSM tokens worth $50,000 will be airdropped among five Wall Street Memes community members who meet certain criteria.
Wall St Bulls NFT Collection
The architects of the Wall Street Memes project possess an official NFT collection, Wall St Bulls, existing on both the Ethereum blockchain and the Bitcoin Ordinals protocol. It encompasses 10,000 digital collectibles, each showcasing a bull. Artist Cam Rackam designed 150 distinct characteristics to algorithmically generate these unique tokens.
NFT from the Wall St Bulls collection. Source: wallstreetbulls.io
Upon acquiring a Wall St Bulls NFT, users unlock access to special events, exclusive merchandise, seasoned traders' recommendations, contests, giveaways, and other initiatives courtesy of the Wall Street Memes creators. Launched on the Ethereum network in 2021, the collection sold out in a mere half-hour.
