Wall Street Memes Launches Epic Community Short Squeeze on Completion of $1M Buyback
Wednesday, October 11th, 2023 – New top meme coin Wall Street Meme’s has completed a one million $WSM buyback, pushing the price up 32% to $0.048 as it launches a community ‘short squeeze’ campaign reminiscent of the GameStop meme stocks phenomenon.
A short squeeze is when those betting the price of an asset will fall find themselves on the wrong end of a buying surge that forces successive short positions to be closed by buying back the asset, dramatically fuelling the size of the upward price movement.
The $WSM short squeeze campaign starts at 6pm UTC today, Wednesday October 11th. There are open interest short positions on OKX, MEXC, LBank and CoinW centralized exchanges that all face being liquidated in the squeeze.
Wall Street Memes is the outgrowth of an existing vibrant meme stocks-focused community. It aims to bring the same swashbuckling democratizing energy seen in meme stocks to the crypto scene.
Wall Street Memes has a highly engaged community of more than 1.1 million followers across, X, Instagram, Telegram and Discord, so the short squeeze has every chance of success.
Today Wall Street Memes is marshalling its social muscle to attack the short money that has entered the market on the back of perpetual futures listings on a number of exchanges.
Back in 2021, stocks such as GameStop, AMC, BlackBerry, Bad Bath & Beyond and Tesla caught the imagination of retail traders, guided and coordinated by the WallStBets sub Reddit.
In particular, GameStop and AMC were being heavily shorted by hedge funds. So successful was the short squeeze campaign that star hedge fund Melvin Capital was forced to close after being hit by heavy losses.
The Wall Street Memes community has responded enthusiastically to the short squeeze call. A
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