A tokenized billion-dollar cockfighting event known as COCKFIGHTS has recently gained significant attention in the crypto market. In just a week since its launch, COCKFIGHTS has experienced a staggering 20,000% increase in value, reaching a record high of $0.2051. However, amidst this meteoric rise, concerns have been raised by experts regarding the project’s legitimacy. Many have labeled it as a potential honeypot scam, adding to the existing concerns within the unpredictable world of crypto. The evidence seems to suggest that these concerns may hold some truth. While COCKFIGHTS may be capturing the hype, crypto experts are shifting their focus to a different project – $WSM, a rapidly growing meme coin. Unlike COCKFIGHTS, $WSM has a solid foundation and has already made significant waves in a short period, attracting attention from both crypto enthusiasts and experts. Early investors in meme coins like $PEPE have experienced substantial profits. However, COCKFIGHTS seems to be missing the mark.

COCKFIGHTS’ Price Performance

At the time of writing, the native token of COCKFIGHTS, $COCKS, is being traded at $0.06810, reflecting a 20,000% increase within a short trading window. The trading chart reveals a limited trading channel, indicating the occurrence of several fake pumps or wash trades within the same period. This rapid increase in value has resulted in COCKFIGHTS’ project achieving a significant market valuation of $3.06 million from 4,463 trades. While the token reached a record high of $0.2051 on July 21, 2023, it has struggled to maintain that momentum. The growing bearish sentiment suggests that investors are taking profits and selling off their tokens.

The COCKFIGHTS Project: A Closer Look

COCKFIGHTS, featured on DEXTools, claims to tokenize the billion-dollar cockfighting events that occur annually in Thailand. The anonymous development team behind the project has taken on the challenge of livestreaming these animal-to-animal face-offs, allowing enthusiasts to place bets and receive live updates on Telegram. However, the token description ends there. While DEXTools’ community votes currently indicate a 100% community score from 24 votes, investors consider several other factors when making informed decisions.

One concerning aspect of the COCKFIGHTS project is its heavy taxation system. Buyers and token sellers are both subject to a 3% charge. Additionally, the project’s token has a transfer pausable functionality that can be edited by the developers, making it challenging for token holders to control the flow of their assets. Furthermore, there are concerns regarding the number of token holders, as only three wallet addresses currently hold the largest COCKS tokens. This concentration of ownership raises suspicions of wash trading. These impractical metrics have led crypto experts to label COCKFIGHTS as a honeypot scam, enticing investors with attractive deals and then dumping the tokens once the desired price is reached. As a result, experts recommend investors to exercise caution and avoid this project to prevent potential financial losses.

Wall Street Memes: The Next Meme King?

While COCKFIGHTS may not be a wise investment choice, another crypto project has caught the attention of the market 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 against established investment firms and wealthy investors. Wall Street Memes represents the triumph of the internet over rampant capitalism. Unlike numerous Dogecoin imitators, Wall Street Memes symbolizes a new financial order.

The innovative platform features a wide range of financial memes from various meme projects, including Pepe and Wojak. Its goal is to allow retail investors to profit from seemingly worthless coins. Wall Street Memes has already garnered over 1 million community members, including prominent figures like Elon Musk, the CEO of Tesla. The project has generated more than 40 million impressions and launched its own collection of Bitcoin Ordinals NFTs called Wall Street Bulls. The developers of Wall Street Memes were responsible for the successful NFT sell-out of Wall Street Bulls on the Ethereum blockchain in 2021, with all collections sold out within 32 minutes. These strong fundamentals have led many crypto experts to view Wall Street Memes as the next meme king, with the potential for a tier-1 exchange listing in the near future.

The project is powered by the $WSM token, which is currently in its presale stage. The $WSM presale has been remarkably successful, raising over $16.9 million from eager investors. This amount surpasses what was raised during the initial coin offering (ICO) of the Ethereum blockchain in July 2015, highlighting the significant impact Wall Street Memes could have on the crypto landscape in the coming weeks. Early backers still have the opportunity to purchase $WSM at the presale value of $0.0322 before the next price hike in four days.

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