The crypto space welcomes a recently created token, which is causing some excitement on social media. The digital asset industry is always receptive to new products, making the WSB token a welcomed addition. Another coin borne out of social media trend is the Dogecoin, which crypto enthusiasts created to make fun of the industry’s increased assets.
Today, Dogecoin is a well-known digital asset, primarily since the world’s richest man, Elon Musk, endorses it to Bitcoin’s detriment. The billionaire had put up several posts through his Twitter page, showing his loyalty to the digital asset. Some people believe that the WallStreetBet token could take a similar path as the meme coin.
Reddit group’s influence shows through the new token
Reddit, a popular social network, allows diverse groups, accommodating different peoples and cultures. Amongst those groups is the WallStreetBet, which people acknowledged its popularity globally. The group has caught the crypto space’s attention, leading to creating a token with the group’s name, WallStreetBet(WSB).
Since its recent creation, it then continues to grow in the digital asset space. The digital asset industry wants to explore different avenues to assure more significant future gains, hence the community’s goal towards pushing those asset-classes to the public. If the coins get enough endorsements and investments from more people, it will help them go mainstream.
On Friday, creators launched the new token through a crypto-related site called CoinMarketCap. Following the frequent digital asset surge in the space, Dogecoin recorded over 400% increase during the past day, with the WSB recording a similar price increase.
The Reddit token surged with over 100%, meaning that it could create a market for itself within the ecosystem. Even on the token’s first day of launch, its trading volume worth around $100 million. The space could not believe how the asset became a sudden success, having been in the market for only 24 hours.
CoinMarketCap clarifies that WSB does not exist
Unfortunately, investors got too excited with the token’s creation because of the notable trading volume. CoinMarketCap revealed that the asset’s launch was a joke and that the token was not a real asset.
The team advised investors to not fall for similarly-named projects and not invest in them because they are nonexistent. The token’s creation got a lot of attention, making some people wish it were a real asset.
The site had once created another token, which got some attention also. CoinMarketCap launched the token on its website around the 1st of April 2020. The firm created the Toilet Paper Token as a joke when it declared it as the most valued asset around the time.
Similarly, Bitcoin faced some challenges during that time, primarily because the pandemic had a short-term effect on most digital assets due to rapid sell-offs. Now, investors have gained some sustainability to make investments even with the economic downturn. Even with the year being far from the holiday, the firm still took the opportunity to make a joke, which many people will not predict.
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