Bitcoin BSC and Wall Street Memes Presales Continue to Soar as Investors Seek Refuge Following FTX News
With the FTX news injecting fear into the market earlier this week, investors are seeking refuge in new cryptocurrencies without ties to the exchange holdings.
Defunct crypto exchange FTX was recently given the green light to sell its entire holdings to reimburse creditors – worth $3.4 billion.
While altcoin giants with significant exposure to FTX sink this week, presales like Bitcoin BSC and Wall Street Memes continue to soar as they rise during the turbulence.
What you'll learn 👉
FTX News Starts to Inject Fear In Market: Crypto Crash Coming?
It’s been ten months since the FTX exchange collapsed, causing the market to undergo one of the worst capitulations in its history.
Recently, the legal team handling the aftermath of the exchange filed a movement allowing them to sell its entire holdings to repay exchange users that lost funds during the FTX collapse, estimated to be worth $3.4 billion.
This week, Judge John Dorsey of the U.S. Bankruptcy Court for the District of Delaware granted FTX the authority to liquidate its entire crypto asset holdings obtained after FTX collapsed.
According to reports, FTX has enormous exposure to projects like Solana, Ethereum, Aptos, and Ripple.
Solana ($SOL) is teetering on the verge of collapse as it crashed by over 5% this week due to the fact that FX is reported to own $1.16 billion in the asset.
Furthermore, the $137 million in owns in Aptos ($APT) caused the cryptocurrency to drop by a steeper 6%.
Although FTX owns $560 million in Bitcoin ($BTC) and another $192 million in Ethereum ($ETH), traders are confident that sell-offs in these projects will be mitigated due to their huge respective market caps.
Finally, Ripple ($XRP) holders are also on edge as FTX reportedly holds $119 million in the token.
The following chart – obtained from the court filings – breaks down the entire holding exposure;
According to the court ruling, Galaxy Digital will be handling the sales of the assets – with a weekly cap set at $100 million, although some reports suggest this could be increased to $200 million.
What Newly Emerging Projects Are Investors Seeking Refuge In?
With the FTX news putting traders on edge, traders seek refuge in newly emerging cryptocurrencies without exposure to the exchange.
For example, Bitcoin BSC started its presale ten days ago when the initial FTX news spooked the market. During that turbulent time, the fundraising had already crossed the $2 million milestone – demonstrating the building hype behind the project.
In addition, Wall Street Memes continues to make waves as investors rush to get positioned in the project during its final few days. It’s already raised well over $25 million and is poised to become the next meme coin sensation on the market.
Bitcoin BSC Raises $2 Million in 10 Days As FOMO Builds
Bitcoin BSC ($BTCBSC) is causing a frenzy in the market as it has raised $2 million over the past ten days, demonstrating the extraordinary hype for the token.
The project brings Bitcoin onto the Binance Smart Chain through a BEP-20 token that introduces a verified staking contract that releases $BTCBSC tokens in line with the original Bitcoin block rewards schedule.
Every time a block is found on the original Bitcoin blockchain, the Bitcoin BSC smart contract releases a number of tokens for $BTCBSC stakers.
Those staking $BTCBSC earn a percentage of the rewards through the easily accessible PoS mining mechanism, considered less energy-intensive than PoW mining.
Experts believe this ecosystem can cause a supply crunch on the market, as most of the token supply will be locked in the staking contract.
As a result, newcomers entering the market following the presale will be forced to pay significantly higher prices above $1 to get positioned.
The total supply for $BTCBSC mirrors the 21 million $BTC supply.
The project pays homage to Bitcoin in April 2011, when there were 6.125 million $BTC in circulation at a price of $1.
Therefore, the presale is selling 6.125 million $BTCBSC in two presale phases for $0.99 – providing the chance for everybody to get positioned into the upgraded Bitcoin at less than a dollar.
Following the presale, 14.455 million tokens will be locked into the secure and immutable staking contract, allowing users to earn Bitcoin BSC.
This represents 69% of the supply that will already be locked up and removed from being sold on exchanges.
In addition to this, presale buyers have already put more than 50% of their investment into the staking pool, earning them around 370% APY;
With more than 80% of the total supply expected to be locked up by the time the presale ends, the $BTCBSC token could launch with an explosion and surge as much as 10x as there will be a shortage of tokens available to buy.
The staking fosters long-term engagement as stakers earn from the rising token price and the consistent reward schedule.
With $2 million raised in 10 days, the presale isn’t expected to last long, so getting invested early is vital.
Otherwise, you can buy $BTCBSC on decentralized exchanges when it launches, albeit at higher prices.
Wall Street Memes Final Days to Invest Roll Through
Another token turning heads during the market turbulence is Wall Street Memes ($WSM), now in the last ten days of its presale – presenting your last opportunity to invest.
Wall Street Memes has raised well over $25 million in its presale, turning it into one of the most sought-after meme coins on the market Today.
Investors are rushing to the project due to its meme-based humor, colossal audience size, and attention generated from Elon Musk.
The idea behind the project is to mock greedy capitalists on Wall Street through meme-based humor on social media while providing an avenue for continued speculation through $WSM.
The memes have become highly popular, generating over 40 million monthly impressions – turning it into the internet’s go-to source for trading and finance-related content.
The hilarious and viral nature of the memes also attracted the attention of Elon Musk, who’s been commenting on them on several occasions.
The interest from Elon Musk sparked a wave of FOMO from whales, who rushed to get positioned during the presale.
One whale even bought $850,000 worth of $WSM in one purchase – demonstrating his extraordinary confidence in the project.
The token is expected to list on tier-1 exchanges in under two weeks, with analysts suggesting that Binance or OKX could be the potential first movers to list $WSM.
They believe the colossal audience behind $WSM – which has over 1.1 million followers on social media- will generate extraordinary trading volume for exchanges, which would cause them to rush to list the token.
Overall, Wall Street Memes has created the perfect recipe for a truly hyped token that could become the next meme coin sensation.
Joe Parts Crypto, a YouTuber with over 380,000 subs, believes $WSM is primed for massive price growth once listed on tier-1 exchanges;
In addition, Michael Wrubel, another YouTuber with 310,000 subscribers, is extremely optimistic about $WSM long-term prospects;
Overall, the internet culture, meme-based humor, and FOMO exhibited by whales have primed $WSM to become the next meme coin sensation.
With just ten days remaining to invest, this is your last chance to get positioned at presale prices before its hugely anticipated launch in under two weeks.
Disclaimer: CaptainAltcoin does not endorse investing in any project mentioned in this article. Exercise caution and do thorough research before investing your money. CaptainAltcoin takes no responsibility for its accuracy or quality. This content was not written by CaptainAltcoin’s team. We advise readers to do their own thorough research before interacting with any featured companies. The information provided is not financial or legal advice. Neither CaptainAltcoin nor any third party recommends buying or selling any financial products. Investing in crypto assets is high-risk; consider the potential for loss. Any investment decisions made based on this content are at the sole risk of the reader. CaptainAltcoin is not liable for any damages or losses from using or relying on this content.
