The WSB Coin Controversy

The WallStreetBets insider, who allegedly rug-pulled WSB Coin, has returned the funds taken from the meme coin project. WSB Coin’s zjz.eth was accused of rugging the project but defended his actions on Twitter, pointing the finger at WallStreetBets’ Twitter operator WSBMod for profiting through secret airdrops. After a series of exchanges, the funds were returned to the project, resulting in a 155% surge in WSB Coin’s price.

The drama began when WSB Coin lost more than 90% of its value. On-chain investigator ZachXBT reported that WallStreetBets member zjz.eth had dumped over $600,000 worth of WSB from the project’s marketing funds, which he was holding for safekeeping. The insider then allegedly conspired with the WallStreetBets subreddit moderator (OIP) to empty the project’s multi-sig treasury.

WSBMod’s Public Callout and Threats

WSBMod publicly called out the insiders on Twitter, demanding they contact him to arrange the return of the stolen funds. The moderator shared the identities of both insiders on Twitter and threatened to involve the FBI over their rug pull. In response, zjz.eth announced on Twitter that he was seeking a method to return the stolen ETH. He further accused WSBMod of secretly airdropping over $25,000 worth of WSB Coin to enrich himself. However, the community criticized him for dumping the stolen WSBs and profiting over half a million dollars.

The Return of Stolen Funds and Price Recovery

After much deliberation and public exchanges, zjz.eth agreed to return the stolen funds, which led to a significant price recovery for WSB Coin. The digital asset experienced a 155% increase in value, demonstrating the power of community trust and transparency in the cryptocurrency world. This incident serves as a reminder for investors to exercise caution and due diligence when participating in meme coin projects or other high-risk ventures.

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An article in the Wall Street Journal has claimed sales of non-fungible tokens (NFTs) are “flatlining” —. According to the article it’s happening in the same week that the top five collections alone accounted for more than $1 billion in primary and secondary sales.

The article cited data from the NFT market analysis platform Nonfungible suggesting the number of NFT sales has fallen by 92% since an all-time high in September 2021. Wallets active in the Ethereum (ETH) NFT market were also said to have declined by 88% since a high in November 2021.

“The NFT market is collapsing,” the article concluded.

However, on-chain data from Dune Analytics’ dashboard suggest that the NFT market is still robust. The information shows that NFT users and transactions are much higher than what’s reported by Nonfungible.

NFT market is Emerging

Sub-sectors within the NFT market are emerging and some areas of the oversaturated market are in a downturn. However, others are seeing major gains.

Nansen’s analytics platform which indexes NFT collections by type shows that “Blue Chip” NFTs — established and highly prized brands such as the Bored and Mutant Ape Yacht Club and Azuki tokens — are far outperforming art or gaming tokens.

The Nansen Blue Chip-10 Index tracking the top 10 NFT projects is up 81% year to date (YTD). Also, the indexes tracking the top art and gaming NFT collections are respectively down 39% and 49% YTD.

This phenomenon of NFT capital consolidating into the top collections was pointing out in an analysis by NFTstatistics.eth. It all shared a chart in late April showing the top 5 collections are driving the Ethereum.

Related: The First Licensed Pistol: Firearms NFTs

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Dogecoin is a “fun” open-source digital currency, with a Shiba Inu dog from memes as its mascot. Its price has been very volatile in the past month, affected by tweets from Elon Musk. Moreover, there was support from other sources like WallStreetBets on Reddit and stars like Gene Simmons.

Tesla’s CEO tweeting about Dogecoin has become a norm. As a result, allegedly the US Securities and Exchange Commission (SEC) could investigate him for his comments on the coin. Musk openly expresses his opinion on DOGE, calling it his favorite and “the crypto of the people.” His Twitter posts spark a Dogecoin discussion even without mentioning the coin explicitly.  

With so much hype around Dogecoin, it has become the most discussed cryptocurrency on Twitter in February, according to the infographic by ICO Analysis. Even Bitcoin, enjoying a 10.1% share of mentions, gave away first place to DOGE with 10.4% of mentions.

DOGE hit an all-time high of about $0.084 on February 8 and has lost over 40% in value since then. The coin is now trading at around $0.050.          

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