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Wall Street Memes (WSM) is one of the hottest cryptocurrencies of October. The meme coin made its debut a few days back and has been ruling the charts ever since.
Although the massive initial momentum has subsided a little, after generating more than 100% returns, the token remains an attractive investment this month.
WSM listed on Gate.io and CoinW centralized exchanges on October 4th, and is now set to go live on more. The next series of exchange listings potentially include Binance, Coinbase, Kucoin, and Bybit.
Here is an analysis of how the upcoming milestone will affect the price trajectory of the meme coin.
WSM Becomes the Third Most-Traded Meme Coin
Wall Street Memes continues to reign the meme coin charts this week. At the time of writing, it is the third most-traded meme coin according to CoinMarketCap – only behind Dogecoin and Shiba Inu.
The fact that WSM has outperformed Pepe speaks for its growing foothold in the meme coin market. Pepe investors are increasingly liquidating their holdings for Wall Street Memes, which is predicted to send the market into a frenzy next.
While meme coins like Dogecoin, Shiba Inu, and Pepe have been consistently losing value for a few months now, Wall Street Memes has provided generous returns to investors. The project, still in its early phase, has more bull runs coming.
Staking is Now Live
Wall Street Memes just launched staking, and 444,103,546 tokens have already been staked. The staking APY stands at a compelling 45% now. That was one of the key factors behind the price surge of the token this month.
It goes on to show that investors have faith in the project. The staking APY is one of the best offered in the meme coin market now. By limiting the selling pressure on the token, staking supports the initial price movement of WSM.
Token Burn and Buyback to Go Live Soon
As promised, the Wall Street Memes token burn and buyback system will go live later this month. The deflationary mechanism is designed to cut down the supply of the token gradually, thus boosting its price action.
At the heart of the mechanism is the inverse relationship between supply and price, similar to the staking system that is already live. While staking limits the supply for a temporary period, burning removes the supply permanently. Investors who buy the token prior to burning will benefit from its price action, as a result.
A Product Launch is Coming
The Wall Street Memes team has been working on a new product for some time. It has yet to be announced. But according to insider reports, the product will resonate with the young investors of the meme coin and provide them with new avenues for earning a side income.
More importantly, it will be central to powering the utility of the token. The platform won’t just draw crypto users to the project, but also traditional users who are apprehensive about taking their dive into the crypto market.
The high market relevance of the product will shift the primary source of demand for the meme coin from speculative investors to platform users. It will be central to ensuring the long-term growth of WSM in the turbulent meme coin market.
One of the key factors that set apart WSM from its competitors is its focus on sustainability. It has been clear since the presale stage that WSM doesn’t plan on being just another fleeting meme coin sensation. The project’s goal is to enter the ‘Top 3 Meme Coins chart’ in terms of market cap.
The upcoming product launch will be key to anchoring the goal.
1 Million Community Continues to Expand
The Wall Street Memes $50000 Giveaway Program is still live on Gleam. The program has gone viral in the meme coin community, as the total number of participants indicates. The prize pool will be split among five lucky participants.
More giveaways and airdrops will be launched in the coming weeks to encourage the long-term holding of the token and the growth of the community. In fact, the project has set aside 30% of its supply toward community rewards.
Wall Street Memes had a 1-million+ community even before the meme coin launch. The viral posts have a vast following of investors, traders, and business leaders, including Elon Musk.
Although Elon Musk is not involved with the meme coin, his interactions have added to the growing hype around the project.
How High Can WSM Go?
Wall Street Memes has an action-packed roadmap laid out in front of it this month. The upcoming developments – the series of exchange listings, product launch, buy-and-burn mechanism, and community reward programs – act as potential triggers for a price surge.
A modest price prediction for the meme coin this month is 500% to 800%. But it has the potential to climb 1000% to 2000% throughout the rest of the year, dethroning Pepe from the top-3 meme coin chart.