A billion-dollar tokenized cockfighting event, COCKFIGHTS, is hitting the airwaves of the crypto market.
Launched just a week ago, it has garnered a 20,000% gain in the last 24 hours, reaching an all-time high of $0.2051 in a very short period.
However, in the midst of this meteoric rise, the concern of experts who question the fundamental foundations of the project arises.
Many have labeled it a potential honeypot scam, adding to concerns permeating the wild west of crypto lands.
Can they be wrong or right? The evidence seems to lean towards the latter.
Meanwhile, amid all the hoopla, crypto experts are turning their attention to a different project: $WSM, a fast-growing meme coin.
Unlike COCKFIGHTS, $WSM has a strong background and has already caused quite a stir in a short time, garnering the attention of crypto enthusiasts and experts alike.
20,000% increase? many things don’t fit
Crypto investors who take advantage of a project early on know that this strategy could radically change their financial journey, giving them the luxurious life they envision.
While many have benefited from the backing of meme coins like $PEPE early enough, COCKFIGHTS seems to hit all the wrong notes.
Before we delve into why crypto experts believe it is a cheating scam, we will cover its price performance over the past day.
At press time, COCKFIGHTS’ native token, $COCKS, is trading at $0.06810, reflecting an increase of 20,000% during that trading window.
The fact that its trading chart shows only one short trading channel is a testament to the fact that there have been several fake pumps or wash trades on this newly launched token in the same period.
This meteoric rise has led to the COCKFIGHTS project recording a significant market valuation of $3.06 million on 4,463 trades.
The project token reached a record high of $0.2051 at closing hours on July 21, 2023, but has found it difficult to maintain that speed today.
This growing bearish sentiment is likely to show that investors are taking profit and dumping the token.
Featured on DEXTools, the project claims it is a means to tokenize the billion-dollar cockfighting events that occur annually in the Asian nation of Thailand.
The anonymous development team says they have taken it up as a challenge to live stream these animal clashes so that enthusiasts can bet on them and collect live updates on Telegram. However, that is where the token description ends.
DEXTools’ community votes show a community score of 100% at the time of writing, drawn from 24 votes, but these aren’t the only metrics investors look for when making informed decisions.
For starters, the platform has a strong tax system where buyers are charged 3%, and the same goes for sellers of COCKS tokens.
Also, the project token has a pausable transfer functionality for its smart contract which is set to ‘Yes’.
This means that project developers can easily edit transfer functions from their end, making it difficult for token holders to control the entry and exit of their assets.
There are also issues related to the number of token holders, as only three wallet addresses currently have the largest COCKS tokens.
This means that most trades are executed from these three wallets, giving the impression of a wash trade.
These impractical metrics have caused crypto experts to label it a hoax scam that seeks to lure investors with good deals and then dump the tokens once the price they intend to raise reaches the target.
This has led crypto experts to advise investors to stay out as they could lose their funds on this project.
Wall Street Memes $(WSM): Meme Coin for the financial ecosystem
While COCKFIGHTS may not be the wisest investment choice, a new crypto project is garnering everyone’s attention for all the right reasons.
Introducing Wall Street Memes, a tokenization of iconic GameStop events that unfolded in 2021.
During those events, retail investors came together and went head-to-head with established investment firms and wealthy investors.
The developers consider the Wall Street Memes project to be the ultimate expression of the Internet’s triumph over unbridled capitalism.
This means that Wall Street Memes is more of a new financial order than hundreds of would-be Dogecoin projects.
The innovative platform features unlimited financial memes from every meme project, including Pepe, Wojak, and others.
The blockchain project seeks to catheterize GameStop’s ideology by allowing retail investors to profit from seemingly worthless coins.
Also, Wall Street Memes has left quite an impression on early backers. The project has already caught the attention of more than 1 million community members, of which Tesla boss Elon Musk is one of them.
The project also surpassed an impressive 40 million impressions and launched its brand of Bitcoin Ordinals NFT collections called Wall Street Bulls.
The developers of the platform were the brains behind the Wall Street Bulls NFT 2021 sellout on the Ethereum blockchain, where all collections were sold out in 32 minutes.
These strong fundamentals have led many crypto experts to view him as the next king of memes, with many believing that he could make a Tier 1 exchange listing in no time.
The project is powered by the $WSM token, which is currently in its pre-sale stage.
The $WSM pre-sale has been a remarkable success, as the meme token has already raised over $16.9 million from enthusiastic investors.
This amount exceeds what was raised during the Ethereum blockchain initial coin offering (ICO) in July 2015.
This points to the immense impact that Wall Street Memes could have on the crypto landscape in the coming weeks.
At press time, early backers can purchase $WSM at the presale value of $0.0322 before the next price hike in four days.
Buy $WSM now
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.
