The WSB Coin, a token linked to the WallStreetBets community, has experienced a tumultuous journey as recent events have unfolded. While early adopters saw significant profits, recent allegations of a rug pull by a project founder have marred the token’s reputation. Quick p...
The WSB Coin, a token linked to the WallStreetBets community, has experienced a tumultuous journey as recent events have unfolded.
While early adopters saw significant profits, recent allegations of a rug pull by a project founder have marred the token’s reputation.
Quick profits by early WSB trader
Initially, a leading blockchain analytics platform Lookonchain shared an intriguing account of a crypto trader who swiftly traded WallStreetBets ($WSB) tokens and made significant profits.
According to Lookonchain’s Twitter account, the trader discovered $WSB just six minutes after it was listed.
In total, the trader has made an impressive 131 Ether ($240,000) from these quick transactions, in just 2 days.
And he has realized a profit of ~131 $ETH ($240K)!https://t.co/fyRkdBILf3 pic.twitter.com/Uwa4xBkcSn— Lookonchain (@lookonchain) May 3, 2023
Currently, the trader still holds 1.4 trillion $WSB tokens ($476,000) as the crypto community watches to see how the token’s value develops. This trader’s experience has generated interest and speculation about the future of the $WSB token in the market.
3/ This guy still has 1.4T $WSB ($476K) left.Waiting for $WSB to skyrocket and become a millionaire? pic.twitter.com/KupHLK4cvT— Lookonchain (@lookonchain) May 3, 2023
This story captured the attention of the crypto community and generated speculation about the future of the $WSB token.
WSB coin’s 86% price drop raises rug pull suspicions
The narrative took a dark turn when the WSB Coin’s price plummeted by 86%.
Allegations surfaced that a project founder, ZJZ.eth, executed a rug pull by suddenly dumping a large portion of the WSB team supply for $635,000 (334 ETH). The event has generated significant concern within the crypto community.
Another day another meme coin rug this time involving ZJZ.eth from @wsbcoinofficial who suddenly dumped a large portion of the WSB team supply for $635k (334 ETH)In Nov 2022 he messaged me
“I guess we should have been greedy amoral bastards instead” pic.twitter.com/b9mfrZv0CD— ZachXBT (@zachxbt) May 4, 2023
WSB Coin had promoted itself as the “official coin” of the WallStreetBets community, using its imagery and identity for marketing purposes. The project claimed to reserve 10% of the $WSB supply as a treasury for the r/wallstreetbets subreddit and 5% of the tokens for the current moderators of the subreddit.