Memecoin appreciates 3,563,188.28% this Sunday

The famous memecoin from the Wall Street Bets (WSB) group, famous on the social network Reddit for challenging the traditional financial market in recent years, has returned to value after a historic price drop.

It all started after a huge tension between the developers of the project, which drove away investors suspected of a coup.

This is because the user “WSBMod” and “zjz.eth” publicly fought and exchanged allegations of scamming. As the community fight escalated, the price of WSB fell to $0.000000251874 (7) this Sunday.

The meme cryptocurrency quote then reached its lowest historical value, but bounced back quickly to record a sharp rise in the market.

Understand the battle between cryptocurrency developers from Wall Street Bets

It all started on May 4, 2023, when WSBMod, after seeing the price drop of the currency, accused the other owner of the ZJZ memecoin of stealing everything. In a public accusation via Twitter, he said that if the project’s other creator didn’t get in touch within 4 hours, the FBI would be called in to investigate the possible scam.

WSBMod recalled knowing the other developer’s personal information and was still able to return the values ​​to avoid bigger problems.

Hi @zjzWSBif you don’t contact me within 4 hours, I will file a report with the police and FBI.

you are completely doxxed. I don’t understand why you would do this.

if there is an explanation one way or the other, you should talk about it, but I don’t know how that is possible

you can still refund the money.

— WSBMod (@wsbmod) May 4, 2023

In response, the accused ZJZ developer replied that he did not need threats against him as he never stole values. However, he himself accuses WSBMod of performing airdrops for himself, that is, of stealing memecoins from the project and selling them on the market.

Am looking for a return mechanism for eth – threats / dox not needed at all reee
Coin was constantly, secretly emptied by the implementer (wsbmod) with “accidentally” huge (~$25k) airdrops of which he claimed/sold many. Hence its 0% allotment, willingness to set up a pool for “free”, etc.

— zjz.eth (@zjzWSB) May 4, 2023

The well-known blockchain researcher ZachXBT, eventually got involved in the controversy and also understood that the error in the case involved ZJZ, which dumped more than 630 thousand dollars on the market. The massive sale, equivalent to 334 Ethers, caused price problems for the fragile coin, which was not going through a good time.

Until last Saturday (6), the situation remained unresolved and the community waited for the money to be returned, as WSB could be listed on a centralized brokerage in the next few days.

After the biggest price drop, the rapid rise of WSB memecoin still worries investors

This Sunday, the Wall Street Bets community saw a historic drop in the coin’s price due to tensions between the creators of the project.

However, after the rapid drop, the price quickly exploded, rising 3,563,188.28% in a few hours.

Even with the new valuation, many are cautious about the project, as the tension between the developers has not yet come to an end. In addition, the price of Wall Street Bets (WSB) is down 96% against the dollar since May 2021, as each unit was already priced at US$0.22.

In any case, the move shows that memecoins remain risky pledges, with high market volatility.