WallStreetBets Meme Coin Plummets 90% As Insider Alleged Rugpull

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 project’s founders committed a rug pull.

WallStreetBets Meme Coin Plummets 90% As Insider Alleged Rugpull

The cryptocurrency known as WSB Coin, which some in the crypto industry have dubbed as the unofficial token of the Wall Street Bets group, has experienced a significant drop of 86%.

This drop in price occurred at the same time as allegations arose accusing the project’s creators of conducting a rug pull.

This morning, members of the WSB Coin community raised concerns after examining blockchain data that revealed zjz.eth, who manages WallStreetBets’ moderation bots according to their Twitter bio, had sold large amounts of WSB Coin on Uniswap within a few hours.

Following this revelation, the price of WSB Coin fell by approximately 90% according to CoinMarketCap data.

The sudden rise in value of the WSB coin has caught the attention of the crypto world, as it surged by approximately 320% in a single day, leading to discussions and debates.

The news of this price hike spread quickly, attracting investors to the coin, resulting in WSB’s market value exceeding $50 million in less than 72 hours.

However, on Thursday morning, @Zachxbt, a blockchain detective, informed coin holders that @zjzWSB had allegedly sold a significant portion of the WSB team’s 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.

According to reports, members of WSB had apparently discussed overtaking the hype surrounding the PEPE currency with their own humorous coin. However, it has been claimed that tokens that claim association with WallStreetBets, including WSB, are fraudulent.

At the same time, WSBMod has given a four-hour ultimatum for zjzWSB to make contact. Should zjzWSB fail to do so, WSBMod has threatened to file a complaint with the police and FBI. Despite this, there is still optimism regarding the recovery of the funds to the Treasury.

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