WOJAK meme token rate jumps by 570% in one week. We look into the reasons for the growth

Users continue to show increased interest in cryptocurrencies dedicated to popular memes

02.05.2023 - 14:00

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What’s new? On May 2, the price of meme token Wojak (WOJAK) reached an all-time high of $0,00065. During the previous day, the asset grew by 74%, and the weekly growth exceeded 570%. The daily trading volume on centralized crypto exchanges (CEX) Gate and Bitget, as well as decentralized (DEX) Uniswap, is more than $91 million. The token is ranked 488th by cryptocurrency market data aggregator CoinGecko with a capitalization of $41,99 million.

News on the CoinJournal website

What is WOJAK? It is a cryptocurrency project that offers users the opportunity to explore the world of memes, including buying and selling them through a decentralized network. It was inspired by the iconic Internet meme of the same name in the form of a drawing of a sad man’s face.

Why has the exchange rate risen? From a historical low of $0,00004902 recorded on April 21, the price of WOJAK has risen by more than 2000%. The surge in the value of the meme token came after the project’s team announced on Twitter on May 1 the release of a second collection of non-fungible tokens for the community.

REMINDER: We are taking a snapshot at in about 12 hours for our second community NFT around 1am UTC. It will be a free mint for holders. You must have at least 1 $WOJAK in an on-chain wallet (not a CEX) so that we can identify your address. pic.twitter.com/mgsmdLIXSJ — Wojak Coin $WOJAK (@wojakcoineth) May 1, 2023

The growth of the WOJAK rate coincided with the pump of another meme token called PEPE. After listing on the OKX exchange, the asset rose by 130% to $0,00000138. PEPE’s mascot is the popular character Pepe the Frog, created by cartoonist Matt Furie. The developers are positioning the asset as a competitor of meme coins, whose mascot is a Shiba Inu dog. Among them are Dogecoin (DOGE), Shiba Inu (SHIB), and Floki Inu (Floki).

As of May 2, 13:25 UTC, the price of WOJAK has corrected to $0,00063348.

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