A tokenized billion-dollar cockfighting event called COCKFIGHTS is making waves in the crypto market. In just one week, it has seen a 20,000% increase and reached a record high of $0.2051. However, concerns have been raised about the project’s legitimacy, with many labeling it as a potential honeypot scam. On the other hand, a different project called $WSM, a fast-growing meme coin, is gaining attention from crypto enthusiasts and experts.
The incredible increase in COCKFIGHTS’ token price has raised suspicions among crypto investors. While backing meme coins early can lead to significant profits, experts believe that COCKFIGHTS is different. The trading chart shows a short trading channel, suggesting the occurrence of fake pumps or wash trades. The project currently has a market valuation of $3.06 million from 4,463 trades, but the growing bearish sentiment indicates that investors are cashing out.
COCKFIGHTS aims to tokenize the billion-dollar cockfighting events in Thailand and livestream them for enthusiasts to bet on. However, experts have raised concerns about the project. The heavy taxation system, transfer pausable functionality, and the fact that only three wallet addresses hold the largest COCKS tokens have led experts to label it as a honeypot scam.
In contrast, there is another project called Wall Street Memes ($WSM) that is attracting attention for positive reasons. It tokenizes the GameStop events of 2021, where retail investors challenged established investment firms. Wall Street Memes represents the triumph of the internet over rampant capitalism and features unlimited financial memes from various projects. The project has already gathered a community of over 1 million members and has caught the attention of Elon Musk. It has also launched Wall Street Bulls, a collection of Bitcoin Ordinals NFTs, which sold out within 32 minutes.
Wall Street Memes, powered by the $WSM token, is currently in its presale stage. It has already raised over $16.9 million, surpassing the amount raised during Ethereum’s initial coin offering in 2015. This has led experts to anticipate Wall Street Memes becoming the next meme king and potentially securing a listing on a tier-1 exchange.
While COCKFIGHTS may not be a wise investment choice, Wall Street Memes is gaining strong fundamentals and support from the crypto community. However, it is important to note that investing in crypto is a high-risk endeavor, and this article does not constitute investment advice.