WallStreetBets’ WSB Coin Crashes 95% in Rug Pull Scam

Key Takeaways:

• WallStreetBets meme coin gets off to a rocky start.
• After a 320% rally, the coin plummeted 95%.
• A rug pull of an accident?

YEREVAN (CoinChapter.com) – The meme coin market is booming, with PEPE rocketing 75% in the previous 24 hours and a WallStreetBets coin making headlines. But for a different reason.

Allegedly, the WSB moderator, the anonymous entity with the Twitter handle @WSBMod, allegedly pulled the rug on the meme coin investors. Here’s a short recap of what happened:

WSB price does somersaults after alleged rug pull

WSB rocketed over 300% in late April. However, the price of the WSB meme coin dropped a whopping 95% from $0.00052 in the New York session on May 3 to $0.000029 in the Asian-Pacific session on May 4.

Also read: What is a $1 trillion Platinum Coin that may save the US from default amid the debt ceiling crisis?

After the drop, a tweet surfaced by the person who oversees moderation bots for the WSB subreddit. They claimed @WSBMod “constantly, secretly drained” several airdrops worth over $25,000. Allegedly the WSB creator bought ETH with those coins.

@WSBMod replied to the tweet, asking the moderator to contact them, but apparently did not get a reply.

Apparently, @zjzWSB ‘dropped the bomb and left’ as WSBMod kept tweeting and tagging him all day, evoking the police and the FBI.

WallStreetBets price recovers

Also, according to their latest tweet, WSB gave up unilateral control over the coin.

The token traded at $0.0002041 in the New York session on May 4, pulling off a 67% rally since 13:00 pm GMT, as seen on the chart above. According to Etherscan, the meme coin has over 1,500 holders. However, the 5 largest wallets hold control nearly 60% of the supply.

Also read: Ethereum Price at Potentially Major Turning Point, Next Rally Approaching?