The latest Bitcoin price update shows that Bitcoin is looking up despite the fluctuating cryptocurrency market. Bitcoin just went up by 3%, and Wall Street Memes ($WSM) broke the $4.8 million funding threshold, sending a strong signal to traders that bitcoin and some cryptocurrency prices have recovered.
According to data from OpenSea, over $3.5 million worth of Wall Street Memes assets have been traded in the last two years. Reports had it that after the commercial success St Bulls NFT collection’s in 2021, the Wall Street Memes community grew.
The collection raised an astounding $2.5 million after selling out in just 32 minutes. The community has since expanded, and the recent financing milestone is evidence of its popularity. BTC is observing a rectangular movement from its support level 25707 and building resistance at 27558.
Available record on the InvestTech platform shows a velocity of 2.19%, with a 4 891.16 liquidity level. On the other hand, a new project: the Wall Street Memes, which mixes social media with NFTs, has been said to be responsible for the positive development of Wall Street Memes.
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Available information on this project shows that platform users can create their NFTs and post them to social media websites like Twitter and Instagram, giving content providers a new way to monetize their work and expand their audience.
Institutional Use of Cryptocurrency, Other Factors Contributed To The Development
Analysts at BeInCrypto explain that some cryptocurrency observers believe the growing institutional use of cryptocurrency is to blame for the recent resurgence. Several big businesses, including Tesla and MicroStrategy, have invested in Bitcoin in recent months. This has increased the validity of cryptocurrencies and their general adoption.
Psychological factors are also named as contributing factors to this development. Data from the Crypto Fear & Greed Index (FGI) from two days back have shown an increased buying activity on the side of Bitcoin. But it has since returned to a neutral position and has remained so at press time.
While explaining the FGI, Petar Jovanovic, a cryptocurrency analyst with BeInCrypto, explained that this means that Bitcoin and other cryptocurrency investors have overcome (or gradually overcoming) fear. The Wall Street Memes token’s price is currently at $0.025, but is expected to go up further at every milestone it hits.
Meanwhile, the price is expected to reach $0.0337 amid the absence of the most recent price analysis. As of the time of the report, $WSM has 2 billion tokens in supply, with 50% of it set aside for presale. It was also gathered that $30.577 million worth of $WSM tokens had been targeted to be in circulation and may likely be achieved before the presale session ends.