• WSB Coin (WSB) has seen a 6,000% increase in price in 24 hours due to a tweet from the founder of WallStreetBets.
• The coin is allocating 10% of its supply to WallStreetBets’ treasury and 5% to the subreddit’s moderators.
• Jaime Rogozinski also gave his blessing for WSB Coin, helping it reach a record high.
The Rise of WSB Coin
WSB Coin (WSB) has seen an astonishing rise in value over the last 24 hours, with its value increasing by over 6,000%. This surge was triggered by a tweet from the founder of WallStreetBets which drew investor attention towards the new wave of WallStreetBet-themed meme tokens. Since this tweet was posted on Monday, WSB is now standing at a 6,400% gain since May 2 when its price was only $0.0000007752.
What is WBS Coin?
WBS bills itself as “the official, unofficial meme coin” of r/wallstreetbets and is allocating 10% of its 69.42 billion supply to WallStreetBets’ treasury and 5% to the subreddit’s moderators. It also appears to have the cooperation of the blue-ticked WSBMod Twitter account (belonging to a former moderator of the subreddit), which tweeted details about an airdrop on April 29. Despite being associated with WallStreetBets, it’s unclear what connection WBSCoin actually has with them as its whitepaper states that ownership of its smart contract has been renounced so no code can be changed or tampered with.
Jaime Rogozinski’s Blessing
On May 1st Jaime Rogozinski – founder of WallStreetBets – tweeted that “WallStreetBets now has a #memecoin targeting the WSB Reddit community.” Though this tweet mentioned another token -Wall Street Baby (also WBS)- it still helped draw attention towards WBSCoin and caused it to reach a record high late last night at $0.0006569 . However since then traders have realized that this other token doesn’t have any connection with WallStreetBets causing it to drop significantly in value while boosting confidence in WSBCoin instead.
Is it Worth Investing?
As with any other meme token, there is no guarantee that WSBCoin will maintain momentum as even its whitepaper admits it’s “a shitcoin”. That said, having 15 % going directly into r/wallstreetbets may give investors confidence as well as having potential support from Jaime Rogozinski himself could prove beneficial for future gains too if more people are drawn towards investing in WSBCoin due to his influence within the community .
WSBCoin’s success will come down to whether or not enough people decide invest in it long term for future gains rather than just short term speculation around current trends .Though there is no guarantee ,with strong backing from within the wallstreetbets community ,it may be worth keeping an eye on this particular coin if you’re interested in investing .