Solana (SOL) has experienced one of the most volatile few days in its history and that is saying quite a lot. The altcoin has been forced through a number of rough periods so far this year and unfortunately, those times don’t look to be going away anytime soon with the SEC lawsuit on the horizon.
While Solana may be heading in every direction possible Wall Street Memes ($WSM) is only heading one place and that place is up. The presale has just broken the $24 million raised mark and in no time at all that will mean it will be at $25 million.
The presale has been running for quite some time now and that is no surprise considering they aimed for the ridiculously ambitious hard cap of $30 million. We are now entering the home straight however with just over $5 million left to be raised so potential investors will need to start acting fast.
Before we get into why investors are so eager to get involved with Wall Street Memes let’s first look at what is happening with Solana.
Solana losses all gains as quickly as they came
If you were to put the above chart in front of my face without any labels I would assume it was some start-up meme coin that I had never heard of. Volatility of this level is never normally resumed for altcoins, especially one with the pedigree of Solana (SOL).
Alas, this is the situation the network currently faces. After the SEC announced lawsuits against major exchanges Binance and Coinbase which named a number of altcoins as securities including Solana, its price tanked. The SEC still of course had to prove this but of course, investors still dumped what they could.
Then came a bright spot when Ripple (XRP) won its case against the SEC under a very similar charge to what Solana was facing. The price started to rise again and the market believed that maybe the SEC had no real ground to stand on. Cut to the start of this week and again things were looking up.
Solana’s price jumped by 10 percent but the moving data and the bearish market suggested this might be a false dawn. This turned out to be correct as all the bears needed was this slight bit of growth to quickly sell off large amounts of SOL.
So at the moment, it is certainly one to avoid. On the other hand, Wall Street Memes is the perfect coin to get behind. Let’s look at why that is.
Wall Street Memes- Just over $5 million left until presale sold out
Wall Street Memes ($WSM) was already the most successful presale on the market and many expected it to pump to huge levels once its listings began. Then things got even better. Wall Street Memes was not supposed to be a coin that had any utility, instead, it was supposed to be a traditional meme coin that pumped due to a community it created.
It was well on its way to doing this anyway but in the last couple of days, the team has been rolling out a plan that will see coin holders being able to earn a passive income through staking. There is still more to come in terms of information but the initial inside information from sources suggests it could be up to 30% of the total coins that will be set aside for community rewards.
This news will likely see a flood of new investors come in and we will soon reach the $30 million hard cap which, again, puts emphasis on investors to act quickly. The meme coin already looked like it would challenge the hierarchy in its sector thanks to the massive online following the Wall Street Memes brand brought to the crypto market.
Founded in 2021 and inspired by the Reddit investors that took on Wall Street and became international news, Wall Street Memes’ whole ethos is that they are for the people vs the establishment. This is the perfect motto to bring to the crypto market and probably allowed them to set a hard cap for their presale at such a lofty figure.
Most meme coins struggle to build a following but Wall Street Memes arrive with a ready-built one backing them up. Their social media accounts have a combined total of well over 1 million followers and their Twitter account, which has over 255k followers, is a favorite among the crypto community when it comes to discussion and entertainment.
The account is also followed by well-known crypto pages like YouTuber Cameron Fous and NFT market palace Magic Eden. As virality is such a big part of a meme coin’s success, having these accounts already aware of your existence is a huge boost and makes the likelihood of your project getting picked up and presented to other big accounts followers much more likely.
As already mentioned, the presale has been a roaring success but we are now in the final straight. After a brief lull, the pace of investing really picked up when one Whale invested $840,000 in the presale. This staking announcement will pick up the pace again so expect the rest of $WSM to sell out very quickly.
Conclusion
Solana unfortunately is very hard to predict at the moment. If you look at the chart we used to emphasize its 7-day price movement you will see it dipped even further below where the growth started. This could mean it’s a buy-low option but any investor would be brave to dip their toes in.
Wall Street Memes, on the other hand, represents a presale that is only heading up and can be gotten at a fraction of the price of SOL. Its potential to pump is limitless but be careful, that presale price will be gone before you know it.
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