The recent events in the traditional financial market regarding the Reddit group called WallStreetBets has started to spread. The group’s influence has even reached the crypto industry, as a new coin called the WallStreetBets (WSB) just emerged, and became a major success simultaneously.
WallStreetBets token surges on CMC
The new coin emerged earlier today, January 29th, on CoinMarketCap. While the star of the day is still Dogecoin (DOGE), which surged 420% in the last 24 hours, the newly-created WSB token also saw a 130% rise during the same time. The coin attracted enough attention to see a first-day trading volume of $100 million.
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Unfortunately for many investors and traders who may have decided to rush and buy the new asset, it turned out that the coin is just another one in the lengthy series of jokes that the CoinMarketCap’s team has played before.
The company’s team posted a message that says “All UR MeMes R belong to us and Charmander-marth!!!!!111. We seek alpha and master beta. Please note that this is a joke- no such asset exists. If you see similarly-named projects, please perform the requisite due diligence and do not ape into anything associated with this page.”
The phrase “Charmander-marth” is actually linked, and it leads towards YouTube. By clicking it, people will be presented with a video featuring Chamath Palihapitiya, the CEO of Social Capital, who was interviewed about trading GameStop stocks during the short squeeze caused over the last several days by WallStreetBets.
CoinMarketCap does it again
The impact that the event had was quite massive and it affected more than a few companies — it may have started an entirely new culture. As for the CoinMarketCap’s team, this is hardly the first time that the crypto tracking site has created a fake coin just for the fun of it.
Many might remember last year’s Toilet Paper Token (TPT) that was launched on April 1st, representing the tokenized version of the ‘most valued asset’ during lockdown caused by the pandemic.
While April 1st is still far away, it would appear that the opportunity was too good for CMC team to pass it up.