Cockfights, a symbolic cockfighting event worth billions of dollars, is taking the crypto market by storm.
Launched barely a week ago, it has gained 20,000% in the last 24 hours, reaching an all-time high of $0.2051 in a very short time.
However, amid this rapid growth, concerns arise from experts who question the fundamental foundations of the project.
Many have dubbed it a potential honeypot scam, raising concerns about the Wild West of crypto land.
Can they be right or wrong? The evidence seems to lean towards the latter.
Meanwhile, amidst all the hype, crypto experts are turning their attention to a different project – $WSM, a fast-growing meme coin.
Unlike cockfights, $WSM boasts a solid background and has already made significant waves in a short period of time, attracting the attention of crypto enthusiasts and experts.
20,000% increase? many things don’t fit
Crypto investors who get involved in a project early on know that this strategy can radically transform their financial journey, allowing them to live the luxurious life they envision.
While many people have already profited long enough by backing meme coins like $PEPE, Cockfights seems to be hitting all the wrong notes.
Before delving into why crypto experts believe it is a honeypot scam, we will cover its price performance over the past day.
As of press time, $COCKS, the native token of COCKFIGHTS, is trading at $0.06810, representing a 20,000% increase during that trading window.
The fact that its trading chart only shows a small trading channel is evidence that there have been many fake pump or wash trades on this newly launched coin over the same period.
Due to this tremendous growth, the Cockfights project has registered a significant market valuation of $3.06 million from 4,463 trades.
The project’s token reached an all-time high of $0.2051 in the closing hours of July 21, 2023, but today it has found it difficult to maintain that momentum.
This growing bearish sentiment suggests that investors are taking profits and selling the coin.
Featured on DEXTools, the project states that it is a means to mark the billion-dollar cockfighting events that take place every year in the Asian nation of Thailand.
The anonymous development team says that it has taken it as a challenge to livestream these animal to animal encounters so that enthusiasts can place bets on them and receive live updates on Telegram. However, this is where the token description ends.
DEXTools’ community votes show a 100% community score at the time of writing, derived from 24 votes, but these are not the only metrics investors look at when making an informed decision.
To begin with, the platform has a heavy taxation system where buyers are charged a 3% fee, and the same applies to COCKS token sellers.
Furthermore, Project Token has transfer preventable functionality for its smart contract which is set to ‘yes’.
This means that project developers can easily edit transfer operations on their behalf, making it difficult for token holders to control the inflow and outflow of their assets.
There are also issues regarding the number of token holders, as currently only three wallet addresses hold the largest COCKS tokens.
This means that most trades are executed from these three wallets, giving the appearance of wash trading.
These imprecise metrics have led crypto experts to label it a honeypot scam that seeks to lure investors with sweet deals and then dump the tokens when the target price they intend to increase is reached.
This has led crypto experts to advise investors to stay away from it as they could potentially lose their funds in this project.
Wall Street Memes $(WSM): meme coin for the financial ecosystem
While cockfights may not be the wisest investment option, a new crypto project is getting everyone’s attention for all the right reasons.
Introducing Wall Street Memes, a token for the iconic Gamestop event coming out in 2021.
During those events, retail investors converged and went head-to-head with established investment firms and investors with deep pockets.
The Wall Street Memes project is seen by its developers as the ultimate expression of the Internet’s triumph over capitalism at large.
This means that Wall Street memes are a new financial order compared to hundreds of wannabe Dogecoin projects.
The innovative platform includes unlimited financial memes from every meme project, including Pepe, Wojack, and more.
The blockchain project seeks to pacify the GameStop ideology by allowing retail investors to profit from coins that appear to be worthless.
In addition, Wall Street memes have left a great impact on early supporters. The project has already attracted the attention of more than 1 million community members, among whom is Tesla boss Elon Musk.
The project has also surpassed an impressive 40 million impressions and launched its own brand of Bitcoin Ordinals NFT collection called Wall Street Bulls.
Platform developers were the brainchild behind the success of Wall Street Bulls’ 2021 NFT sale on the Ethereum blockchain, where the entire collection sold out within 32 minutes.
These strong fundamentals have led many crypto experts to view it as the next meme king, and many believe it could make it to a tier-1 exchange listing in no time.
The project is powered by the $WSM token, which is currently in its presale phase.
The $WSM presale has been a remarkable success, as Mem Token has already raised over $16.9 million from eager investors.
This amount is more than what was raised during the initial coin offering (ICO) of the Ethereum blockchain in July 2015.
This points to the huge influence Wall Street memes will have in the crypto landscape in the coming weeks.
As of press time, early supporters can buy $WSM at a pre-sale price of $0.0322 ahead of the next price increase in four days.
$WSM Buy Now
Disclaimer: Crypto is a high risk asset class. This article is provided for informational purposes and does not constitute investment advice. You can lose all your capital.