A tokenized billion-dollar cockfighting event, COCKFIGHTS, is hitting the airwaves of the crypto market.
Launched barely a week ago, it has garnered a 20,000% increase in the last 24 hours, hitting a record high of $0.2051 within a very short period.
However, amidst this meteoric rise, concern arises from experts who question the project’s fundamental foundation.
Many have labeled it a potential honeypot scam, adding to the concerns that permeate the Wild West of the crypto lands.
Could they be wrong or right? The evidence seems to lean toward 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 time, garnering attention from crypto enthusiasts and experts alike.
20,000% Increase? Many Things Don’t Fit
Crypto investors who tap into a project early know that this strategy could radically change their financial journey, affording them the luxurious lives they envisage.
While many have profited off backing meme coins like $PEPE early enough, COCKFIGHTS seems to hit all the wrong notes.
Before delving into why crypto experts believe it is a honeypot scam, we will cover its price performance in the past day.
At press time, COCKFIGHTS’ native token, $COCKS, is trading at $0.06810, reflecting a 20,000% increase during that trading window.
The fact that its trading chart shows only a short trading channel is a testament that several fake pumps or wash trades have occurred on this newly-launched token in the same period.
This meteoric increase has led to the COCKFIGHTS project recording a significant market valuation of $3.06 million from 4,463 trades.
The project’s token hit a record high of $0.2051 in the closing hours of July 21, 2023, but has found it hard to maintain that velocity today.
This growing bearish sentiment likely shows that investors are taking profit and dumping the token.
Featured on DEXTools, the project states that it is a means of tokenizing the billion-dollar cockfighting events that occur yearly in the Asian nation Thailand.
The anonymous development team says it has taken it up as a challenge to livestream these animal-to-animal face-offs so enthusiasts can bet on them and gather live updates on Telegram. However, that is where the token description ends.
DEXTools’ community votes show a 100% community score at the time of writing, polled from 24 votes, but these are not the only metrics investors look out for when making informed decisions.
To begin with, the platform has a heavy taxation system where buyers are charged 3%, and the same goes for COCKS’ token sellers.
In addition, the project token has a transfer pausable functionality for its smart contract that is set to ‘Yes.’
This means the project developers can easily edit transfer functions from their end, making it difficult for token holders to control their asset inflow and outflows.
There are also issues surrounding the number of token holders, as only three wallet addresses currently hold the largest COCKS tokens.
This means most trades are executed from these three wallets giving off the impression of wash trading.
These impractical metrics have made crypto experts label it a honeypot scam that seeks to draw investors in with sweet deals and then dump the tokens once the price they intend to raise hits the target.
This has led crypto experts to recommend investors sit this one out as they could potentially lose their funds to 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 capturing everyone’s attention for all the right reasons.
Introducing Wall Street Memes, a tokenization of the iconic GameStop events that unfolded in 2021.
During those events, retail investors united and went toe-to-toe with established investment firms and deep-pocketed investors.
The Wall Street Memes project is viewed by the developers as the ultimate expression of triumph by the internet over rampant capitalism.
This means Wall Street Memes is more of a new financial order than hundreds of wannabe Dogecoin projects.
The innovative platform features unlimited financial memes from every meme project, including Pepe, Wojak, and others.
The blockchain project seeks to catheterize the GameStop ideology by allowing retail investors to profit from seemingly worthless coins.
Furthermore, Wall Street Memes has left quite an impression on early backers. The project has already grabbed the attention of 1 million plus community members, of which Tesla boss Elon Musk is one of them.
The project has also surpassed an impressive 40 million impressions and has launched its brand of Bitcoin Ordinals NFT collections called Wall Street Bulls.
The platform developers were the brains behind the 2021 NFT sell-out success of Wall Street Bulls on the Ethereum blockchain, where all the collections were 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 a tier-1 exchange listing in no time.
The project is powered by the $WSM token, which is currently in its presale stage.
The $WSM presale has been a remarkable success, as the meme token has already raised more than $16.9 million from eager investors.
This amount exceeds what was raised during the Ethereum blockchain’s initial coin offering (ICO) in July 2015.
This points to the immense impact Wall Street Memes could have in the crypto landscape in the coming weeks.
At press time, early backers can buy $WSM at the presale value of $0.0322 before the next price hike in four days.
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 of your capital.
