As the worlds of cryptocurrency and social media continue to overlap, one Tweet has created a massive shift in the meme coin market. Yesterday, a tweet from billionaire Elon Musk linking Dogecoin ($DOGE) with Twitter’s new symbol “X” sent the coin’s price soaring by 16% over the last week.
It’s been a great few days for $DOGE holders, with the coin’s value now hovering around $0.080 – the highest it has been since early May. $DOGE has now risen 50% from its June 10 low, highlighting the apparent change in sentiment towards the meme coin market topper.
The current hype around Dogecoin is mirrored in its ‘open interest’ – the value of perpetual futures contracts associated with the coin. Data shows that the open interest has recently breached the $500 million mark, the highest since April. Moreover, the open interest figure has more than doubled in the past fortnight.
While the spotlight is still on Dogecoin, savvy investors are keeping an eye out for the next meme coin star. One candidate attracting considerable buzz is Wall Street Memes – a new entrant to the market that has already raised a whopping $17.7 million through its presale and attracted the attention of Musk.
Wall Street Memes ($WSM) stands out among the wave of new meme coins, primarily due to its appealing tokenomics and colossal community backing. The project has leveraged the fascination with meme culture and finance, much like the infamous WallStreetBets subreddit did during the GameStop short squeeze of 2021.
Notably, according to the project’s whitepaper, 30% of the total $WSM supply will be reserved for community rewards (e.g., airdrops) – showcasing the development team’s commitment to rewarding active participation. Another factor playing into the buzz around Wall Street Memes is its indirect association with Elon Musk.
While the billionaire CEO hasn’t directly endorsed the project, he has replied several times to the project’s Twitter posts, further boosting Wall Street Memes’ credibility and appeal. With early investors securing $WSM tokens in the presale for a mere $0.0322, this attractive entry point has caught the attention of meme coin enthusiasts globally – setting the stage for a potential surge later this year.
