BOND Monitored by Binance Made 300 Percent! All Eyes Turn to Elon Musk’s New Favorite Coin

It is stated that the US Securities and Exchange Commission (SEC) has recently increased inspections on DeFi protocols and DAOs.

Binance, the largest cryptocurrency, announced on October 4 that it added four tokens to its watch list. BOND, the token of BarnBridge DAO, is also included in this list. The watchlist indicates the possibility of tokens being removed from Binance. However, during this period, the price of the BOND token increased by 300 percent in two days.

This rise in the BOND token occurred after the conclusion of a vote that started on Tuesday.

On October 10, the DeFi protocol initiated a vote on whether to authorize its creators, Tyler Ward and Troy Murray, to take any action necessary to ensure compliance with the SEC’s directives.

The two-day voting concluded on Thursday. Voters unanimously approved the proposal, which includes paying all damages required by the SEC’s potential claims and authorizing BarnBridge’s legal counsel, Douglas Park, to sign the final version of the resolution on behalf of the project.

While BOND token was around $1.60, it went up to $6.75 in its two-day rise. However, as of the time this news was written, BOND token dropped to $ 3.74.

Investors turned their eyes to potential coins after a big rise followed by a decline. The most prominent of these is Wall Street Memes token, the latest favorite coin of billionaire Elon Musk, owner of Twitter (X).

Literally

— Elon Musk (@elonmusk) March 18, 2023

Wall Street Memes Community Grows

Wall Street Memes (WSM), which had one of the best pre-sales in recent years, stood out with its community focus. For this reason, there was an intense purchase of Wall Street Memes tokens during its pre-sale. According to an announcement made on the official Telegram channel of the project, which is gradually adding value to this feature, it has completed the first token burning process after a community vote.

The team burned 10 percent of the reward portfolio, representing 2,257,336 WSM tokens, or approximately $80 thousand.

The project also announced a token buyback program earlier this month. This caused the WSM token price to rise due to the possibility of WSM becoming deflationary.

The community decides what happens to the purchased tokens. Therefore, it is worth remembering that weekly community votes are held on the Telegram channel.

If the community decides to continue burning tokens, it appears to provide potential for WSM in the long run. On the other hand, they can also choose to add them to the Wall Street Memes rewards program.

WSM is currently listed on 14 cryptocurrency platforms. OKX exchange, meanwhile, offers WSM perpetual futures trading, giving investors additional tools to interact with the fast-growing meme coin.

The latest token burn occurred hours after top cryptocurrency exchange ByBit listed WSM perpetual futures. This specifically offers traders significant leverage to buy and sell the Wall Street Memes token.

Wall Street Memes is one of the largest online investing communities. The project gained particular notoriety during the “meme” stock craze in early 2021, when share prices of companies like GameStop (GME) skyrocketed. The community strengthened its presence in the crypto world in 2023, leading to the launch of WSM. The project managed to raise more than $25 million during its pre-sale.

Elon Musk’s Latest Favorite Coin

The crypto project currently has over a million followers on social media channels. He also went viral with his humorous memes. The concept also attracted the attention of billionaire and meme coin enthusiasts such as Elon Musk, owner of X (formerly known as Twitter).

Musk has interacted with the project many times. In fact, thanks to him, the purchase of Wall Street Memes tokens in the pre-sale accelerated.

🤣

— Elon Musk (@elonmusk) April 22, 2023

Earn High APY with Wall Street Memes

Thanks to the team’s token buyback program, WSM stands out as deflationary. Moreover, the token has a unique feature that distinguishes it from its main competitors. According to Wall Street Memes’ official staking dashboard, staking rewards currently offer a 43 percent yield (APY).

As of press time, Wall Street Memes’ trading volume in the last 24 hours was approximately $37 million, according to CoinMarketCap. This figure placed it just behind Dogecoin, Shiba Inu, and Pepe Coin. Additionally, its 24-hour trading volume was significantly higher than Floki’s, even though its market capitalization was almost three times greater.

Possibilities Increase for WSM’s Web3 Product

There are also increasing rumors that a new Web3 product will be released by the Wall Street Memes team, in which WSM will be the native token.

The team hasn’t yet specified what that will be. Discussions are ongoing about the possibility of a blockchain-based game, DeFi trading platform, or some type of GambleFi product.

Whatever type of product the Wall Street Memes team plans to launch, it’s clear there will be strong adoption. Because the community has impressive marketing skills.

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