The WallStreetBets (WSB) altcoin project, linked to the popular WallStreetBets subreddit, has dropped 90 percent in the last 24 hours after a person closely linked to the project dumped a large amount of WSB. Here are the details…
Rug pull claim for popular altcoin
WSB Coin dropped 90 percent after what appeared to be a “rug pull”. PeckShield and others pointed out that the token is being sold for ETH. WSB Coin, which some in the crypto community considers the unofficial coin of the Wall Street Bets community, has dropped 86 percent. The drop in price came as some claimed that the founders of the project carried out a rug pull operation.
As we have also reported as Kriptokon.com, WSB coin has recently made headlines with its sudden increase in value. The token increased by 320 percent in about a day, sparking controversy in the crypto community. Investors flocked to the token after the rise in price. PeckShield also pointed out that the majority of tokens are traded for 334 ETH. He also stated that another wallet was transacting for a smaller amount. So far, around $650,000 ETH has been traded.
Even those associated with the WallStreetBets community have talked about the token before. This makes the alleged rug pull even more remarkable. It sure looks like it will draw the ire of the crypto community and those at WallStreetBets. For example, WSBMod, a former moderator of the subreddit, contacted zjzWSB, the founder of the token. In his tweet, he said he would file a police and FBI report if the founder did not contact him. ZachXBT also tweeted about the development, saying that the founder messaged him in November 2022. Also reached out to WSBMod for more information.
I reached out to @wsbmod for clarification on the other multisig signer for the 6.86B WSB transaction and they claim it belongs to the mod OIP.
So zjz created the transaction and OIP executed it. pic.twitter.com/LMdQQxNDST
— ZachXBT (@zachxbt) May 4, 2023
What is WSB Coin?
WSB Coin (WSB) has established itself as the “official coin” of the WallStreetBets community, using its image and identity to promote itself. He called himself a meme coin as “10 percent of the $WSB supply is reserved as a treasure for the wallstreetbets sub to use as they wish.” He also claimed that he reserved 5% of the tokens for the current moderators of the subreddit. The project even had its own litepaper, but the information was surprisingly sparse. There was little in the way of important technical details. Instead, the focus was more on airdrops and token allocations.
WallStreetBets gained notoriety for its role in driving the price of GameStop (GME) shares. The community of like-minded investors has taken GME’s stock to meteoric levels. It has grown steadily since then. Meanwhile, the crypto market has seen several meme coins skyrocket over the past few weeks. One of the most notable was the PEPE coin, which doubled in value overnight. These types of tokens usually offer a huge profit boost to investors, but they can also be pump-dump-vulnerable.
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