WallStreetBets Meme Coin Drops 90% Due to Alleged Rugpull (Copy)
Key Points:
Meme coins tied to the WallStreetBets subreddit WSB fell 90% when member zjzWSB sold a large portion of tokens for 334 ETH ($635,000), sparking a global selloff.
After battling Wall Street Baby for many days, the WSB team rug withdrew their own project.
A prominent person behind a cryptocurrency linked to the WallStreetBets subreddit seems to have sold off a big amount of tokens intended for the team.
WallStreetBets Meme Coin Plummets 90% As Insider Alleged Rugpull 3
The WSB Coin, which has been dubbed the unofficial token of the Wall Street Bets group by some in the crypto industry, has dropped by 86%. The price decline coincides with allegations that the projects founders committed a rug pull.
The WSB Coin community raised the alarm this morning, pointing to blockchain data showing zjz.eth — who, according to his Twitter bio, manages WallStreetBets moderation bots — selling massive amounts of WSB Coin through Uniswap over a few hours.
According to CoinMarketCap data, the price of WSB Coin dropped roughly 90% in the hours after the revelation.
WSB Coin price chart. Source: TradingView
The WSB coin has made news because of its unexpected price increase. The coin soared by around 320% in a day, sparking debate in the crypto world. When word of the price increase spread, investors flocked to the token. In less than three days, WSBs market value had risen to more than $50 million.
Early Thursday morning, blockchain detective @Zachxbt informed holders of the sales, alleging that one @zjzWSB had dumped a large portion of the WSB team supply for $635k (334 ETH).
The tweets from zjzWSB showed an internal feud among the WallStreetBets moderators, as he claimed that WSBMod and WSB Red do not even belong to the popular subreddit WallStreetBets.
According to PeckShieldAlert, another wallet that got 46.7 million WSB from zjzWSB dumped the tokens for 8.312 ETH.
Members of the WSB reportedly discussed taking over the PEPE currency buzz with their joke coin. WSB and other tokens purporting to be associated with WallStreetBets are scams. Meanwhile, WSBMod set a 4-hour deadline for zjzWSB to contact him. He states that if zjzWSB does not contact him, he will file a police and FBI complaint. He is still optimistic about the repatriation of monies to the Treasury.