The much anticipated memecoin Wall Street Memes (WSM) is about to launch today. At the time of writing, only a few hours are left in the presale, after which the team will reveal a tier 1 exchange listing. The WSM coin presale participants are eagerly waiting to find out how many times their presale investment has increased.
Altcoins are outperforming Bitcoin on Monday. The biggest cryptocurrency dipped below $26,000 during the first trading session of the week before recovering back above the key level. The drop in Bitcoin dominance resulted in an increase in increased investor interest in the altcoins.
If you’ve been following my articles, you know I’ve been skeptical about the new memecoins for the past few months. This is because the investor interest in the memcoins has decreased a lot during this time. The memecoin season of 2023 kicked off with the launch of Pepe coin. However, since July 2023, I haven’t seen any new capital being injected into the memecoins.
Currently, Pepe price is down 84% from its all-time high. This shows that crypto enthusiasts are not interested in the frog-themed coin anymore. Considering these market conditions, I don’t expect Wall Street Memes price to generate any exponential gains after its listing.
According to the official X (Twitter) account of the project, WSM crypto will be listed on a tier 1 cryptocurrency exchange soon. The announcement will be made within the next 24 hours. Due to a very long presale, I don’t expect a lot of new buyers after the exchange listing.
Nevertheless, if the coin gets listed on one of the top 3 crypto exchanges, a strong initial pump can’t be ruled out. Due to its massive total supply of 2 billion coins, it won’t be logical to expect a $1 price right after listing. Even a price of $0.10 will put it at a fully diluted market cap of $200 million. The pre-launch market cap of the coin is $67.4 million, which is very high for a new memecoin.
In the meantime, you are also welcome to follow me on Twitter to keep track of my personal trades on stocks and cryptocurrencies.
This post was last modified on Sep 25, 2023, 13:06 BST 13:06