Wall Street Memes price is currently trading 50% above the presale price. While this seems to be a very attractive valuation for the traders, there is still a catch. Many traders are overlooking the fact that the WSM presale staking is set to end this week, which may tank the price.
Altcoins are once again bleeding on Tuesday as the Bitcoin dominance gains extend gains. The dominance of the pioneering cryptocurrency has soared to 50.34%, which is the highest level since 16 August. WSM crypto is also facing strong selling pressure, down 16.5% for the day.
The reason behind the ongoing downtrend in the Wall Street Memes price seems to be the upcoming staking withdrawals. Many presale participants staked their tokens to farm high APY before the launch. The withdrawal for these tokens is set to open soon.
Currently, there are 555.4 million WSM coins staked in a smart contract. These coins can’t be unstaked right now due to the staking period of 7 days. As soon as these coins become withdrawable, many holders may opt to sell the coins as Wall Street Memes price is 50% up from its presale.
After a strong pump last week, WSM is currently down 47.5% from its all-time high. The price has broken below its $0.05 support level. Bears are now targeting the presale price of $0.0334. The sell-off can be attributed to the fear of staking withdrawals. However, it is often seen that the markets often act the exact opposite of what the majority expects.
Wall Street Memes price prediction will gain a bearish outlook if the price dips below the presale price. The digital asset has already attained a market capitalization of $84 million, which is a lot for a newly launched memecoin. Currently, around 1/3 of the total supply is staked on the platform.
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This post was last modified on Oct 03, 2023, 10:25 BST 10:25