The token linked to WallStreetBets ($WSB), which is themed on the popular subreddit of the same name, plummeted as an insider linked to the project dumped holdings. By shauryamalwa.
WallStreetBets token, which is linked to the popular WallStreetBets subreddit, has dropped 90% in the past 24 hours after an insider closely connected to the project dumped a large amount of WSB.Blockchain sleuth @Zachxbt warned holders of the sales early on Thursday morning, stating one @zjzWSB had “dumped a large portion of the WSB team supply for $635K .”
The insider sale led to token holders dumping their holdings en masse, which contributed to the 90% price fall. This helped the tokens to quickly go viral on Crypto Twitter, where holders heralded the “official, unofficial token” as another boost in the ongoing meme coin frenzy – one that has birthed the likes of pepe and wojak , or tokens based on memes rooted in popular internet culture.
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