Markets

Experts urge caution as WOJAK is up 1040% in just 7 days

The value of memecoin WOJAK increased by more than 1000% in just seven days, attracting the attention of speculators. However, experts warn against investing in currencies without any interest. It is not uncommon for memecoins to be very popular Hence the market loses interest.

WOJAK, the Ethereum-based memecoin that is based on a graphic of a bald man with a variety of expressions, had a great week in the markets. In the past seven days, the crypto-asset jumped by 1041%. Despite a hectic 24 hours, it’s still up about 6% right now.

WOJAK menus

WOJAK was listed on a variety of exchanges, including BitGet, just this week. Hobby The coin’s listing began on April 19. It is also available on BTCEX, BingX, LBank and SuperEx.

The coin meme originated on the /r9k/ board of 4chan around 2010. Although it didn’t become a viral internet theme until the middle of the decade. Memers use WOJAK to mock a wide variety of situations due to its highly adaptable and adaptable nature, often adding text, facial expressions, and accessories to give the meme a unique twist.

Investors should be wary of Memecoins

The trend this week has not allayed skepticism about WOJAK. The coin may have done well. However, Wesley XIA, founder of Rootz Labs and former head of innovation at Huobi Global, is cautious.

In a discussion with BeInCrypto, he said that buyers should be careful about buying into the hype. “The reason we call meme coins is because they lack utility and are full of hype. Unlike ETH or other altcoins, where people can check their activities on chains, meme coins have no core values ​​but provide a pure sense of gambling.”

source: CoinMarketCap

Eric Sabirsky, Vice President of Data Science at tieto BeInCrypto: “It is not uncommon to see an initial surge of activity in meme coins when they first appear.”

gold:

However, this activity usually dies down within a day for most new ERC-20 tokens. Interestingly, WOJAK shows a spike 2 weeks after its initial spike. There are currently around 4,000 active addresses making about 12,000 WOJAK transactions per day. These are not the same initial values ​​as in mid-April, but it’s still a respectable value.”

The recent infusion of memecoins has fueled speculation that the so-called “memecoin season” is back. Although this time newcomers dominated the market activity. PEPE was launched in mid-April and attracted huge interest from investors. At the time of writing, PEPE is up 157% in one day.

The passion for such products is often very fickle. Older memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIB) have dropped significantly over the past several months.

Disclaimer

Adhering to the Trust Project’s guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently check the facts and consult with a professional before making any decisions based on this content.

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