GM Wagmi (GM) Explained
If you are on Twitter or Discord, you may notice that everyday, there are a lot of messages with simply the words ‘gm’ trending on the platform. This stands for ‘Good Morning’ and is a new crypto way of positively greeting others across the space. However, the creators of GM have taken the saying to a whole new level, producing a cryptocurrency that is inspired by this new saying.
Unlike pump and dump memecoins, GM has a deeper purpose. In a world ridden with continental inequality, GM is a way of greeting your Web3 peers no matter their color, sexual identity, gender, etc.
In the new Web3 world, which is just around the corner, the collapse of traditional corporations appears inevitable, replaced by highly sophisticated DAOs. Workers will no longer be evaluated for a work position after an interview based on mundane elements such as the color of their suit, the way they sit, or the type of face piercings they have. People will not be promoted based evaluation biases. Rather, if you are a highly competent expert in your field who can complete the tasks at hand with great efficiency, you will be welcomed into the organization with none of the traditional issues as barriers. You will likely be working with people from across the globe, who you may never meet, and maybe never even know what they look like.
The saying is an effective introduction towards the potential new Web3 peer-to-peer conversation norm. Worldwide removal of corporate gestures and sayings with no real meaning other than launching a vague attempt in polishing your organizational image.
The secondary part of the project basis is WAGMI, which stands for ‘We’re all going to make it’. This saying effectively acts as a community binder, holding the community together through thick and thin. It represents the feeling that we are all a part of something larger and greater than ourselves and that we are in this together.
What does the coin do?
The coin itself has little purpose apart from acting as a medium of exchange, a feature that most cryptocurrencies have. Users can send GM tokens to each other as a transfer of monetary value. Currently, the GM team is working on a Binance Smart Chain bridge, allowing for a low-cost, high-speed transfer of GM tokens.
GM has an aggressive burn feature. Currently, with all GM transactions, 1% of the amount transferred is burned. Furthermore, 50% of the total supply was burned at launch.
The GM team receives 0% of the token supply. This is to ensure a fair community launch. Additionally, there was no presale, preventing the coin from being subject to VC selling pressure.
Due to the GM tokenomic model, the cryptocurrency is deflationary. Therefore, theoretically, if GM demand remains constant, GM token valuation will increase.
Historical Price Action
GM has been highly volatile since its market introduction earlier this month. The cryptocurrency witnessed an initial explosion surging from $0.00003426 to $0.000931 in only four days. However, since the current ATH at $0.000931, GM is down 66.7%, currently trading at $0.0003 USD, as shown below.
GM is still up a substantial +804.5%. However, will this negative price action continue? To try and understand the recent GM price action, let's take a look at the current technical analysis.
From a TA standpoint, GM is currently at a crossroad. It is currently situated within a major support zone. The indicators are currently aligned and going up, allowing for a positive bounce from this level. For example, the MACD has seen a positive cross, while the MACD NU is at a support level itself. Furthermore, the RSI has just double tapped the extremely oversold 30 level which is typically a reversal sign.
There is the opportunity to reverse the bearish price action GM has experienced over the past couple weeks. However, should GM fall below the red zone, it will become a falling knife. This is due to the absence of price data below this current level, excluding the initial ICO hyperbolic run (due to the speed of initial move, there are no more historical support zones). If the red zone is lost, GM token could see a further 60% drop.
All in all, a positive bounce from the current zone appears likely. There will likely be major trader interest in GM, should the blue zone see a positive break with newfound support.
Unlike many other cryptocurrency projects, GM does not have a timeline-based specific roadmap. Rather, they are focusing on global marketing, expanding the GM movement, acquiring exchange listings, and eventually establishing an NFT collection.
Unlike most memecoins which revolve around individual greed, GM is a community-focused token attempting to benefit the cryptocurrency community through its positive sentiment. There are currently very few meme-like coins that convey GM’s selfless, altruistic sentiment. Only time will tell how GM’s project flourishes.
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