New Meme Coin Completes $1 Million Buyback, Initiates Short Squeeze Campaign
A new meme coin, Wall Street Memes ($WSM), has successfully completed a $1 million buyback, leading to a 32% increase in its price. In an effort reminiscent of the GameStop meme stocks phenomenon, the coin has launched a community-driven short squeeze campaign.
Understanding Short Squeeze
A short squeeze occurs when individuals who have bet on the decline in an asset’s price find themselves facing a surge of buying pressure. This forces them to close their short positions by buying back the asset, resulting in a significant upward movement in its price.
The $WSM Short Squeeze Campaign
The $WSM short squeeze campaign is set to begin at 6 pm UTC today on various centralized exchanges such as OKX, MEXC, LBank, and CoinW. These exchanges have open interest short positions that could be liquidated during the squeeze.
Bringing Meme Stock Energy to Crypto
Wall Street Memes aims to replicate the democratizing energy seen in meme stocks within the crypto scene. With over 1.1 million followers across platforms like Instagram, Telegram, and Discord, the community has a high level of engagement and is likely to support the short squeeze campaign.
Wall Street Memes’ Short Squeeze: Crypto’s Answer to GameStop Phenomenon
Today, Wall Street Memes is utilizing its social influence to challenge the presence of short money in the market. Retail traders are rallying behind this campaign, similar to how they did with GameStop and AMC earlier this year.
The Wall Street Memes community has shown great enthusiasm for the short squeeze call. Their Telegram group has received significant engagement, and their tweet has garnered numerous replies, retweets, likes, and views.
In the true spirit of Wall Street Memes, we call on our community to join us in an epic short squeeze challenge on October 11th at 18:00 UTC. Leveraged markets are available on the following exchanges – OKX, MEXC, LBank, CoinW. We will be buying at 18:00 UTC, and invite you all… pic.twitter.com/AKoGkaYN7V
— Wall Street Memes (@wallstmemes) October 11, 2023
Wall Street Meme has quickly become the seventh-largest meme coin by market capitalization with a market cap of $83.7 million. It is also one of the most actively traded meme coins based on its 24-hour volume.
Potential for Price Surge and Valuation Growth
As excitement builds around the short squeeze, Wall Street Memes’ valuation could skyrocket to $1 billion with a potential 10x price surge. The coin’s utility and features set it apart from other meme coins, making it an attractive investment option.
Elon Musk’s interactions with the Wall Street Memes community and the possibility of him being a whale buyer further fuel interest in the coin. Additionally, the coin offers staking utility, allowing holders to earn rewards and passive income.
Conclusion: The Future of Wall Street Memes
The upcoming price action of Wall Street Memes will be closely watched as news about the short squeeze spreads. If successful, the coin could experience significant price growth, propelled by the same energy that fueled the meme stocks craze earlier this year.
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