Key Takeaways
- The price of GM Wagmi coin has been on a fast freefall since November
- The GM movement is based on the popular cryptocurrency jargon that became popular on Twitter
- GM is a community-based meme token with a deflationary token supply
YEREVAN (CoinChapter.com) – The GM Wagmi token (GM) price continues to be on a freefall. Since it hit an all-time high of $0.0009851 on Nov 12, the new meme coin has dipped about 90%. It currently trades for $0.00013, according to data by CoinMarketCap.
In the past 24 hours alone, the GM coin has shed 18% in value, taking its total price loss to a staggering 38% since the year began.
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What is the GM Wagmi token?
GM Wagmi stands for “Good Morning-We’re All Gonna Make It. The GM coin or the Good Morning token is a relatively new meme coin project that plays on the cryptocurrency meme trend that began with the acronym ‘gm’.
By mid-2021, the usage had become so popular that it became common to see people in the crypto and NFT space greet each other with ‘gm’. Users would start their tweets with a GM, while many others would comment under someone’s tweet with the greeting.
Its usage had become so popular that it warranted an explanation. Last Sept, Twitter user punk6529 started a thread to explain the term to those still confused.
“gm means “good morning,” We say good morning to each other because we are a friendly happy optimistic global community and it is nice to say good morning to your friends as you start your day,”
he wrote.
Although the origin of the usage is still unclear, some argue that the co-founder of Solana Labs, Raj Gokal popularized it by greeting everyone with #gm on Twitter for quite some time.
Just like GM, the other acronym, GMI or WGMI, has also become popular encouragement remarks within the NFT community.
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Wagmi (GM) roadmap and tokenomics
The GM token is an ERC 20 token on the Ethereum blockchain. In the first week after its launch on Nov 8, GM Wagmi registered on 12 exchanges, creating a mass meme token movement.
As a community project, Wagmi will be run by a Decentralized Autonomous Organization (DAO). According to their Whitepaper, the project aims to give holders a simple and effective way to gain exposure to digital assets.
Although built on the Ethereum network, the Wagmi bridge possibility also allows holders to connect across various blockchains. The token also acts as a medium of exchange, allowing users to swap their holdings for fiat money currency or other cryptos.
The total supply of the Wagmi coin is 1 Trillion tokens. However, the creators burnt 50% of the supply at launch. GM is also deflationary in nature. In addition, the creators burn, 1% of the amount transferred with all GM transactions. The team has also reserved 4% for marketing purposes, promising an increasing demand and constant supply reduction.
The team has aggressively pursued to list the token on CoinMarketCap and CoinGecko. In addition, a dedicated NFT marketplace is also being created by the team in the future, according to its roadmap.
However, despite the great prospects that the team promises, the token has continued to decline since
