The crypto industry is seeing one of the largest meme coin pumps since Dogecoin (DOGE) attempted to reach $1 back in 2021.
The token in question is the so-called 420CHAN ($420CHAN) — a decentralized ERC-20 token built to foster a community-based crypto experience based on transparency and trust.
420CHAN blows up post-launch
Within just 24 hours of its launch, the token experienced a huge surge in price.
This meteoric rise in price can be attributed to the token going viral on social media, driving up a substantial 140% increase in its trading volume.
The token presents multiple use cases, including its role as a medium of value exchange, and there are future plans for it to function as a governance token.
This combination of factors has contributed to the token’s rise.
Can 420CHAN continue its surge?
420CHAN has garnered significant attention from investors. However, it is important to note that rapid surges in value often lead to substantial corrections in the cryptocurrency market.
Given the token’s rapid ascent, it is highly likely that a significant correction may occur as traders decide to cash in their profits and exit their positions.
Furthermore, it is worth mentioning the behavior of crypto whales, who are currently showing a preference for another meme coin called Wall Street Memes (WSM).
This indicates a shifting focus among wealthy crypto enthusiasts towards alternative opportunities within the meme coin space.
Whales are focusing on WSM
Wall Street Memes, a meme coin inspired by the WallStreetBets subreddit’s fight against institutional investors, has managed to generate significant attention even before being listed on exchanges.
Currently in its presale phase, WSM tokens are being offered at a price of $0.0304 per unit. The project has already raised over $11 million during this phase, showcasing strong investor interest and enthusiasm.
Investors still have the opportunity to purchase WSM tokens at the current price for another day and a half before it increases to $0.0307 per token. The tokens can be acquired using ETH, USDT, or card payments.
WSM was inspired by the events of early 2021 when amateur investors from the WallStreetBets subreddit rallied against institutional investors by collectively investing in stocks like GameStop. Their actions caused stock prices to surge, resulting in significant losses for institutional investors.
The creation of Wall Street Memes serves as a tribute to this event, highlighting the power of community and its ability to make a substantial impact.
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Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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