Topics Crypto
Bybit Learn
Bybit Learn
Intermediate
Dec 22, 2021

What GM Wagmi (GM) Is & Why You Should Care

Are you a crypto enthusiast who’s active on Twitter, Discord and/or Facebook? If so, you may have noticed “GM” or “gm” trending on the platforms recently. The acronym “GM” typically stands for “Good Morning.” GM Wagmi is a project that takes inspiration from this greeting, having created a whole new token to spread positivity and make the crypto space a better place. It’s one of the newest ways for members of the crypto community to greet each other.

Since its launch, GM Wagmi’s token, GM, has grown by over 2,000%, a staggering statistic even in the meme coin space. Let’s get into the details and see what’s contributed to its astronomical growth. 

What Is GM Wagmi? 

GM Wagmi (“Good Morning”/“We’re All Gonna Make It”) is a new meme coin project that’s created a feel-good buzz in the cryptoverse. The intention behind this crypto’s inception is to pay respects to the co-founder of Solana Labs, Raj Gokal. Gokal made “GM” popular by greeting everyone with #gm on his Twitter account. He’s also known for spreading positive vibes and actively advocating everyone’s right to greet others with “GM.” 

Prior to GM Wagmi’s launch, there was some resistance to people greeting each other with “GM.” The GM Wagmi team aims to take their positive culture mainstream by uniting the pro-GM community. 

What Is GM Crypto? 

The GM is an ERC20 token built on the Ethereum network. It was launched in the first week of November 2021, and it represents the GM Wagmi community as a whole — and the beliefs for which they stand. 

According to GM Wagmi’s founders — known as Craig, Dan and @ugliestduck — greeting someone with “Good Morning” (GM) is about more than just these two simple words. It’s an attempt to create a worldwide movement which unites people and generates positivity with the help of blockchain technology and cryptocurrency. 

To be fair, we can’t compare GM to utility tokens that serve a particular purpose or solve an existing problem. Rather, GM belongs to the meme coin space, alongside coins such as DOGE and SHIB. 

Although meme coins have a bad rep, we can’t completely ignore them. As of this writing, DOGE occupies 10th place on CoinMarketCap — proof that meme coins can, in fact, succeed.

How Does GM Wagmi Work?

Despite having minimal utility, GM Wagmi has a profound meaning to its existence and, more importantly, an enthusiastic community behind it. 

The motto of the GM Wagmi team is, “GM means community, and community means family.” The creators of GM Wagmi want to capitalize on this trend, making it their culture to spread positivity across the globe by launching the GM token.

One great thing about the entire GM Wagmi project is that it had an extremely fair launch — with 100% transparency. Their ICO didn’t involve any presales, founder reserved tokens or manipulation techniques.

Key Features of GM Wagmi

Medium of Exchange

Like Bitcoin, the primary feature of the GM token is to act as a medium of exchange. Users can exchange GM tokens for other cryptos or fiat currency, in order to act as a transfer of value.

Strong Community

Within a month of the GM token’s launch, the project managed to gain solid support from crypto enthusiasts worldwide. Today, GM enjoys appreciation and backing across social media platforms. And, as we know, a strong community is everything for a meme coin.

Greater Purpose

In a time when hate speech is predominant on many online platforms, the intention to bring positivity is the need of the hour. The purpose of the GM Wagmi platform is to make the crypto world a better place.

Interoperability

Although GM is an ERC20 token, GM Wagmi is integrating with Binance Smart Chain to make transaction costs cheaper by offering an alternative to high ETH gas fees. 

Pros and Cons of GM Wagmi

Pros

  • The GM token is deflationary by nature. Of each GM transaction that takes place, 1% of the transferred amount is burned. Also, it’s worth noting that half of GM’s total supply was burned during its launch. Provided demand stays constant, the GM token’s value will increase considerably with this aggressive burn feature.
  • Transparency and spreading positivity are key principles for which the GM Wagmi project is known. 

Cons

  • Since the launch of GM Wagmi, over a dozen GM tokens have launched with largely similar mission statements. Since there’s no unique technology or IP behind this project and token formation, it’s easy for others to replicate the original GM token. GM Wagmi needs to blitz the market with immense marketing efforts in order to hold its identity and pivot, so that the token can sustain itself in the long run.
  • Despite the pros mentioned above, GM is ultimately a meme coin that doesn’t solve any existing problems in the crypto space.

GM Crypto Tokenomics

Note: figures below are accurate as of this writing.

Total Supply — 1 quadrillion GM tokens

24-hour Trading Volume — $9 million

Circulating Supply — Unknown

Market Capitalization/Market Cap – Unknown

Max Supply – Unknown

Is GM Wagmi (GM) a Good Investment? 

Unless you have a functioning crystal ball, it’s difficult to accurately forecast the future of any cryptocurrency, especially that of meme coins. In part, GM Wagmi’s success depends on how its team position themselves in the cryptosphere. 

GM Wagmi doesn’t have a road map of milestones they want to accomplish. Their primary focus is to expand their marketing efforts and spread the GM movement globally. Currently, their team is hyper-focused on getting their token listed on multiple exchanges, and so far, they’ve been successful. Merely a week after GM’s launch, it managed to get listed on over 12 centralized and decentralized exchanges — quite a feat for a meme coin. 

Considering the price of GM at this point, we reckon it could make a decent investment. You can give it a go by investing small amounts, and increasing the amount as you start seeing some momentum in GM’s price. Still, note that there are no guarantees on returns, so only invest what you can afford to.

How to Buy GM Wagmi Crypto (GM)

The GM token can be bought on a few popular CEXs like Bybit, and DEXs such as Uniswap. The fastest and easiest way to purchase GM is through Bybit using fiat money. Here’s a step-by-step guide. 

Step 1: Register with Bybit

If you don’t already have an account, you can register with Bybit in less than a minute. All you need to do is visit Bybit’s official website and click the Sign Up button. Enter a few details requested, and click Submit. Don’t forget to complete the simple verification process, as it’s crucial to begin trading crypto on Bybit. Once the verification is successful, you can proceed to the next step. 

Step 2: Buy USDT

GM is paired with a stablecoin, USDT, on the Bybit exchange. Therefore, you must hold USDT in your wallet to buy GM. If you don’t own any USDT, you can buy it with fiat currency using your credit or debit card. Once you have USDT in your Bybit wallet, proceed to Step 3. 

Step 3: Find & Buy GM/USDT in the Spot Market

Visit the Spot Market section on the Bybit page and search for the GM/USDT pair. You can place a limit order to buy the token at the price you want to pay. Enter the amount of GM tokens you want to purchase and click Buy. Your order will execute when GM’s value reaches your desired price.

Spot Market section on the Bybit page
Source: Bybit | GM/USDT

Step 4: Safe Storage

If you’ve bought small amounts of GM for scalp trading, or for any temporary activity, you can hold them in your exchange wallet. However, if you’ve bought tokens and are willing to hold them for a long time, we recommend you transfer them to a cold wallet for additional security.

Closing Thoughts

Most meme coins in the crypto market today are profit-driven and designed for a few individuals. Based on its launch and tokenomics, we believe that GM is an outlier which doesn’t belong to this category. GM Wagmi’s motto of “spreading positivity” is a breath of fresh air in an industry that’s perhaps too focused on the dollar sign. Ultimately, as discussed, the success of both the GM Wagmi project and the GM token depends on how the team position themselves going forward with their marketing efforts. 

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