Some might say investing in a meme coin is like gambling. One day you are on top of the world, then you wake up to see it all went to pennies.
But have you ever gambled in a casino? What happens if the casino decides to shut down and the owner runs away to a tropical island while you are winning with billions of plastic chips in your hand? Can you take over the casino?
That is what happened with $WGMI token. When the dev decided to rug the project and people are left with billions of $WGMI tokens in their wallets, after a brief moment of despair, the community thought they are not done yet. They were decided, ‘‘WE’RE GONNA MAKE IT’’ and gathered to beat their destiny by the power of web3 and community.
This is the story of a meme coin, getting rugged, taken over by community and turning into a decentralized autonomous organization.
THE RUG PULL
While we are in hopes of building a decentralized economic structure on the blockchain, most of the projects we follow are centralized around a team of developers. We have to trust the devs in a so called trustless economy.
When it first came in to existence, people bought in, to the project with the rally cry of our times $WGMI. They were happy, number go up! There were talks of NFTs, number go up! When the price reached around some serious X, the dev decided to pull the rug. He sold all his tokens to unexpected people who thought they were going to make it. Price went down to lesser pennies and market cap around $55000. Crypto-Twitter was on fire with the $WGMI rug.
Chad Unrugable [WGMI] 👊
I overinvested in the WGMi before the rug. Saw people making ez money with GM and influencers promoting it before it took of.... I went to bed 🛌 woke up and lost more money then I could stomach was panicked but I saw the price slowly kreep up from 0 as it had been revived giving me hope. WGMI!
https://link.medium.com/MgRIc7v1tlb
THE REVIVAL
Everyone was furious of course, looking everywhere for signs of life.
bleweye
I bought in the day the token came out and woke up to a total rug. I immediately jumped into an impromptu telegram put together by one of the token holders and there were ppl literally crying and talking about suicide. I said fuck this and looked on Twitter for any signs of life and saw the token was still being bought! I jumped in. Found the new discord created by Johnny and a community of chads. Together we’ve all breathed new life into this absolute 💎
People talking about suicide… Rug pullers does not care about that, they count the ETH in their wallet, while others are loosing their investment. But you know who does care? $WGMI community.
They started the $WGMI discord server. Which made gathering of the victims easier. What was happening on the discord in the beginning was just people VIBING
The community decided to HODL their positions and some of them bought more from the dip. New people started to join the vibe, even when they knew this was a rugged project, revival was real.
https://link.medium.com/MgRIc7v1tlb
mrfolgers.eth
Hey I first heard about WGMI rug story and community on Twitter I was instantly drawn to it(Bourne guy cameo was the icing on the cake), I’ve been the victim of rug pulls in the past and it’s sucks, the worst one being $nuke back in 2019 where I actually got the $nuke ticker tattooed on my knee cap 😂 live and learn. Anyway that’s what’s makes me bullish for $wgmi what doesn’t kill you makes you stronger💪 and this community is the strongest I’ve seen this early on. Can’t wait to see what the future brings $WGMI
GOOD GUYS OF THE SPACE
In this effort of revival some of them started to take lead in discussions and we had the chance to talk to them. Hutch (@lovingNFTs) is a dedicated community member who has been leading many of the community Spaces calls, rallying the energy of the community, and building faith in the project:
bDAO : Who decided to revive this project, who was the one first to form the social media.
Hutch : There was no leader, the revival did not happen around a leader. In the end Johnny Unruggable was the one who started the discord but if the community did not join and start vibing, nothing would have happened.
bDAO : So people started to discuss what to do as i follow from your discord. What was the first idea come thru?
Hutch : Since we know the pain of getting rugged, an idea of setting up a fund came from the community -big shoutout to SirCumference and Unruggable Mayo- so we set up a multi-sig wallet for The UnRugMe Fund and the community funded it by donations. The UnRugMe Fund aims to help people who are rugged by the project they have invested in. We collect peoples rug stories on twitter and donate $WGMI to the best story selected. @ALI_DOGE_ is the first person we sent $WGMI to cover at least some of his lost investment.
bDAO : It all comes back to the community trying to help each other and even others.
Hutch : It is not only UnRugMe fund, we like to give. There are people buying small amounts of $WGMI just to be a part of the community and others sending them $WGMIs to cover their gas fee. We collect donations in the community to help a fellow community member for their meatspace problems. And we will find more ways to help people. Someone needs to be the good guys of this space.
bDAO : You had a surprise mention on twitter, can you explain what happened there?
Hutch : You are talking about Kimbal Musk (brother of Elon Musk) replying $WGMI to one of our community members’ post. I don’t even think Kimbal knew what was going on with $WGMI Coin. He was hyped about his DAO initiative and when Migz replied him with our banner, he replied $WGMI to join the rally cry, because he believed we all gonna make it. Not that he knew about our $WGMI coin, he even deleted the tweet later, probably after someone told him that he is shilling a meme coin. Which is reasonable thinking the amount of people he can influence on a coin that he knows nothing of. Still this is probably the best example to show our strong point, $WGMI is the rally cry of our times. Rally cry of ‘‘We're Gonna Make it" shows a community unwilling to accept defeat, regardless what has been throw at them, and from a developer rug, to whales exiting the project, this community has shown a unique resilience and ability to work together to achieve common goals. We’re Gonna Make It, is not a phrase of singularity, it is about all of us. With this rally cry we can reach out to many who thinks a like.
bDAO : How do you think you can utilize the coin, what are the use cases the community is planning?
Hutch : We already achieved a lot without a roadmap or what so ever. We started an NFT project, which you can find on https://unruggables.io, a DAO is forming up in the discord, while only 3 weeks old $WGMI has already established listings on Coinbase, Coingecko, and CoinMarketCap along with two CEXs LBank and Bkex, attracted 4000 wallet holders and has a market cap of around 11m while we are talking.
bDAO : No project is a whole without some FUD coming at it, so here it goes, what happens if the dev decides to pull out from the LP? A second rug?
Hutch : We were 2000 wallet holders when the first rug happened, %80 of the LP was the devs liquidity. 1 month later we are 4000 wallet holders, devs liquidity is under %50 in the LP, we had %300 gains on the price, even some influencers who left the project had come back when they see the community take over. Even if the dev decides to pull liquidity now it is just a whale sale, the project is at a point where the sale will be slurped. It is more decentralization.
When we were editing this article, the dev decided to pull out liquidity from the pool. It just happened as Hutch told us, another whale sale passed by like a breeze. $WGMI got %100 decentralized and we celebrated it in Spaces. Congratulations $WGMI community!
I have no idea where the price of $WGMI token would go. And it does not matter. This is not a ‘‘Wen Lambo’’ project from my point of view. This is a romantic web3 story, where the decentralized community shows power over the centralized systems and feeds hopium for all anons in the decentralization highway.
The community assures me they are going to keep on vibin and that they have lots more in store for us moving forward, we for one are excited to see where this underdog story goes from here.
Join their discord, raid crypto twitter with The Unruggables, join the discussion in the #dao channel to form a DAO, code a piece of an NFT project, vibe in the bar, there is numerous ways to support the WGMI community.
Thank you so much for telling the story of $WGMI. $WGMI is not just a crypto coin, it's a movement =)) #wgmi
The article captures the vibe and the potential!
Felt like being a part of history with the author "sneaking" around in the different contribution channels.
And soon it's going to be be big!
WGMI