$420CHAN Token Blasts Up 40,000% After Going Viral But Crypto Whales Are Accumulating Wall Street Memes Before it Lists on Exchanges – Here's Why
The crypto industry is seeing one of the largest meme coin pumps since Dogecoin (DOGE) attempted to reach $1 back in 2021.
The token in question is the so-called 420CHAN ($420CHAN) — a decentralized ERC-20 token built to foster a community-based crypto experience based on transparency and trust.
Within just 24 hours of its launch, the token experienced a huge surge in price.
This meteoric rise in price can be attributed to the token going viral on social media, driving up a substantial 140% increase in its trading volume.
The token presents multiple use cases, including its role as a medium of value exchange, and there are future plans for it to function as a governance token.
This combination of factors has contributed to the token's rise.
420CHAN has garnered significant attention from investors. However, it is important to note that rapid surges in value often lead to substantial corrections in the cryptocurrency market.
Given the token's rapid ascent, it is highly likely that a significant correction may occur as traders decide to cash in their profits and exit their positions.
Furthermore, it is worth mentioning the behavior of crypto whales, who are currently showing a preference for another meme coin called Wall Street Memes (WSM).
This indicates a shifting focus among wealthy crypto enthusiasts towards alternative opportunities within the meme coin space.
Wall Street Memes, a meme coin inspired by the WallStreetBets subreddit's fight against institutional investors, has managed to generate significant attention even before being listed on exchanges.
Currently in its presale phase, WSM tokens are being offered at a price of $0.0304 per unit. The project has already raised over $11 million during this phase, showcasing
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