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.
Mohammad Ali is a fintech and cryptocurrency writer who has been covering the intersection of finance and technology for several years. Ali has a deep understanding of the financial industry and the ways in which technology is changing it, with a special focus on the rise of digital currencies and blockchain technology.
Related posts
Turnkey Raises $15M Series A to Revolutionize the Crypto User Experience
Staking on Bitcoin, SatoshiDEX Staking for Presale Investors is now Live
