The WallStreetBets token (WSB), which is linked to the WallStreetBets subreddit, dropped 90% in the last 24 hours following a big run higher that had seen its market cap jump to $50 million in under three days. The plunge came after one of the insiders connected to the project, @zjzWSB, dumped a large amount of tokens in return for 334 ETH ($635,000). Blockchain sleuth @ZachXBT flagged the transactions on Twitter, which seemed to trigger the mass selling, bringing about the 90% crash. Users had previously received an airdrop of nearly seven ether worth of WSB tokens for simply pasting their crypto wallet addresses on Twitter. This helped the tokens go viral on Crypto Twitter, forming part of the ongoing memecoin frenzy, which has also spawned the likes of PEPE.
Source: https://www.coindesk.com/markets/2023/05/04/first-mover-americas-bitcoin-ending-week-on-positive-note/?utm_medium=referral&utm_source=rss&utm_campaign=headlines