Luck Token Rises 1,000% in 24 Hours but Whales are Accumulating This Lesser-Known Crypto Coin – Here's Why

cryptonews.com:

Luck Token (LUCK) has crashed this morning after a surge saw it gain as much as 1,000% in 24 hours, with its price currently standing at $0.0004712.

LUCK is but the latest in a long line of meme tokens to have emerged this year, with the altcoin listing on Uniswap and trading against Wrapped Ethereum (WETH).

But while it did enjoy a strong pump to about $0.0830 soon after listing, it has since dumped by 99%, suggesting that the token has been rug-pulled and is already pretty much dead.

However, one new meme token already has the community to make it a longer term success than many of its rivals, with Wall Street Meme's (WSM) ability to raise $12 million in its presale showing that it has attracted plenty of interest.

Luck Token's chart should leave traders in very little doubt that the meme coin has already had its fun, with its price displaying the classic 'Bart Simpson' pattern synonymous with boom and bust.

From enjoying a gain of more than 2,000% when it rose from about $0.0035 to $0.083 yesterday, LUCK has now fallen below its original listing price.

This isn't a great sign, and with Twitter and social media revealing few signs of a significant LUCK community ready to support the coin's price, it would not be unreasonable to suggest that the latter isn't going to recover anytime soon.

However, LUCK's brief story underlines the importance of finding meme tokens that are supported by a sizable community, which is necessary if coins without strong fundamentals are going to last.

And one token with just such a community is Wall Street Memes (WSM), a new meme coin that has raised more than $12 million in its hugely successful presale.

WSM has its roots in the meme stocks movement that instigated the infamous GameStop and AMC