WSB Coin (WSB), a token associated with the Wall Street Bets community, has plummeted by 86% following allegations of a rug pull.
The drop in price comes after the token experienced a sudden surge in value, increasing by about 320% in just one day.
Reports suggest that a large portion of the tokens was traded for 334 ETH, with another wallet trading it for a smaller amount.
This development has drawn the ire of the crypto community and those associated with WallStreetBets, including former moderators of the subreddit.
WSB Coin had called itself the “official coin” of WallStreetBets and claimed to be a meme coin, with little technical details available.
The project reserved 10% of its supply as a treasury for the subreddit and 5% for current moderators. WallStreetBets gained notoriety for its role in boosting the price of GameStop’s stock.