Wojak (WOJAK) price up 570%: Here’s why this new memecoin is flying

• WOJAK price has jumped from around $0.00006 on 25 April to the all-time peak reached earlier today.
• While the total cryptocurrency market cap is down 1.5% in the past 24 hours amid Bitcoin’s struggles near $28k, the new meme crypto token is flying.
• Skyrocketing prices for WOJAK come after the massive gains for the frog internet meme coin Pepe ($PEPE).

The price of Wojak (WOJAK), a token that trades on exchanges such as Gate.io and Bitget, has hit a new all-time high above $0.00065 today. On Tuesday morning, the WOJAK token was up more than 74%. Meanwhile, over $91 million worth of volume has been traded in the past 24 hours.

While the price at the time of writing was around $0.00058, the overall gains for WOJAK/USD was more than 570% in the past seven days. Wojak’s market cap was $41,121,268 at 6.50 am ET on 2 May, ranking the small cap altcoin 496th on CoinMarketCap.

What is Wojak?

Wojak is a new cryptocurreny project that looks to offer people a chance to explore the world of memes via a decentralised network.

The native token of the platform is WOJAK, whose inspiration is the iconic internet meme that bears the same name. WOJAK is designed to help holders engage in activities such buying, selling of memes. Apart from trading the tokens, holders can also use them to take part in community events.

Why is WOJAK price up today?

Today’s price gains for the WOJAK meme coin come after the team announced a second community NFT mint. Speculation on the token is also likely driven by the huge upside for another memecoin.

With the token launching a few weeks ago, traders have looked to it as they FOMO following the sensational gains for Pepe ($PEPE). Pepe is an Ethereum-based memecoin inspired by the popular Frog internet meme, and which looks to follow in the footsteps of successful projects like Dogecoin and Shiba Inu.

While $PEPE price is up over 2,000% since its all-time low on 18 April 2023, the price of WOJAK has jumped more than 1,171% since hitting the all-time low of $0.00004902 on 21 April 2023.

Some investors have looked to cash in on the huge profits collected over a period to see Wojak currently trade nearly 7% off the all-time high price. And although the memecoin still looks strong, its possible more profit taking could result in a significant price dump.

As noted, the WOJAK tokens currently trade on a few notable CEX platforms, as well as the leading decentralised exchange Uniswap.