• Wall Street Baby (WSB) experienced a 275% surge in price following a tweet from Wall Street Bets.
• WSB is a meme coin, which is a type of cryptocurrency associated with popular internet memes and backed by an online community.
• CoinMarketCap currently ranks WSB at #2618 and its 24-hour trading volume is $27,053,818.
WallStreetBaby Price Pumps After Wall Street Bets Tweet
Wall Street Baby (WSB) experienced an impressive 275% price surge following a tweet from Wall Street Bets. This has raised the question: Is WSB a wise investment choice during the current market downturn?
What is WallStreetBets?
WallStreetBets, or WSB, is a Reddit community where people discuss stock and options trading. It has become known for its colorful and profane vocabulary and aggressive trading techniques. Last year, WallStreetBets frequently trended on Twitter as it gained popularity during the pandemic when social-media-fueled trading caused massive fluctuations in the stock market’s prices. Moreover, the Reddit board contributed to the meme-stock phenomenon which saw dramatic increases in value. On May 1st, the official WallStreetBets Twitter page posted a tweet about meme coins claiming that they target the WBS Reddit community with one memecoin – Wall Street Baby (WBS).
Wall Street Baby Price Surge
On Sunday, the Wall Street Baby price soared to $0.002667 reflecting an almost 375% increase in its value. The current WSB price stands at $0.0000003635 with 24-hour trading volume of $27,053,818 and CoinMarketCap presently ranking it at #2618 .
What are Meme Coins?
Meme coins refer to types of cryptocurrencies which are often associated with popular internet memes and backed by passionate online communities. These currencies typically experience significant price swings due to FOMO (Fear Of Missing Out) and online recommendations as new coins are continually being created expanding this market further more recently being joined by Wall Street Baby (WBS).
Is WallStreetBaby A Wise Investment Choice?
The recent surge in price suggests that there may be potential opportunities presented by investing in meme coins such as WallStreetBaby during volatile crypto markets however caution should always be taken when considering any type of investment option due to their highly speculative nature especially those within emerging markets like meme coins where information can be limited or lacking altogether comparing to more established asset classes making them riskier investments overall