Origin Story: Wall Street Bets’ First Promoted Stock
A defining moment for Wall Street Memes was the GameStop stock frenzy in early 2021. A group of retail investors from the Reddit community r/wallstreetbets utilized memes to rally support against hedge funds that had shorted GameStop stock. This event highlighted the power of memes in motivating retail investors and significantly affecting market movements.
But let’s back up a bit. To put it simply, Wall Street Bets despises short sellers who use insider knowledge to suppress the “little guy.” They tend to be long-term holders of stocks and want no part in pump-and-dump schemes.
GameStop Corp (GME), a traditional video game retailer, surged from $5 to $50 per share in August 2020. This created major issues for short sellers and hedge funds, who were forced to cover their positions at a much higher price.
Enter: the unsung heroes we didn’t realize we needed, Wall Street Bets.
Anti-establishment Heroes?
The battle between the elite hedge funds and the meme-loving retail investors from Wall Street Bets became a classic David vs. Goliath narrative. These anti-establishment crusaders took from the wealthy elite on Wall Street and redistributed it to the small investors. Quite the win!
Well, that is, unless you’re a hedge fund manager or a capitalist. As crypto enthusiasts, we’re particularly fond of internet libertarianism (Tom especially) and love watching the little guy take on the elites. In fact, this is one reason why Bitcoin’s value has risen steadily as long-term holders refuse to sell to big players like BlackRock.
Did you know that Wall Street Bets helped popularize terms like “Diamond Hands” (referring to unwavering resistance to volatility and holding strong no matter what)? These terms have since made their way into the crypto world.
Other Undervalued Stocks Discovered by Wall Street Bets
+ MC Entertainment Holdings Inc. (AMC), the movie theater chain that struggled during the COVID-19 pandemic,
+ Blackberry Limited (BB), the outdated smartphone maker,
+ Bed Bath & Beyond Inc. (BBBY),
+ Koss Corp. (KOSS),
+ Vinco Ventures (BBIG),
+ Robinhood Markets Inc. (HOOD).
After their success with GameStop and their anti-establishment stance, it’s no surprise that Wall Street Bets tried to replicate their success. We certainly admire their boldness!
The Birth of the WSM Token
After their success with the GameStop short squeeze and building a massive online community on Reddit, Wall Street Bets decided to launch a meme coin. Enter Wall Street Memes (WSM).
As of March 8th, 2024, Wall Street Memes is currently 83% off since its launch. With a market cap of around 20 million USD, it may have considerable potential if the team sticks to their plan. Originally launched on the Ethereum blockchain, WSM has since migrated to the BNB blockchain (formerly Binance Smart Chain) to reduce transaction costs, as ERC-20 transactions had become prohibitively expensive, whereas BNB offers lower transfer fees.
Wall Street Memes Casino: The Final Outcome?
The ultimate conclusion after building a successful community and launching a meme token was to create a top-tier crypto casino with a variety of deposit options. If you have the boldness to challenge “the man” while having fun, why not launch a fantastic Bitcoin gambling platform? The perfect blend of fun and meme magic.
While most other Bitcoin casinos only support BTC or a few additional coins, Wall Street Memes Casino offers more meme coins than 95% of its competitors. Here, you can deposit using BONK, Pepe, Dogecoin, and of course – the WSM token.
How to Start with Wall Street Memes Casino?
As always, it’s great to begin by reading our review of WSM Casino. There, CryptoChipy covers everything from bonuses to deposit methods, game developers, and all the other details you might be interested in.
However, if you’re ready to join the community and dive into some fun at this epic crypto casino, head over to the official Wall Street Memes Casino website now!
Try your luck at Wall Street Memes now!
