The Wall Street Memes ecosystem is set for a significant event in February, with the WSM Casino announcing a milestone in the growth of the GambleFi project. The rapid traction and growth of the WSM Casino platform has been attributed to excitement in the GambleFi community for Wall Street Memes’ generous sign-up bonus and rakebacks. This has resulted in a significant amount of crypto assets being deposited onto the crypto casino, signaling positive growth for the project.
Wall Street Memes has introduced a major burn event for the $WSM token, removing 5% of the token supply. This move adds a new deflationary element to $WSM’s dynamics, in line with their commitment to a 10% buy-back from Net Gaming Revenue (NGR) of the WSM Casino. Starting on February 29th, all NGR from the $WSM token will be burned monthly, marking a milestone for the ecosystem. This initial 5% token burn is just the beginning, as Wall Street Memes plans to implement recurring monthly burns to gradually reduce the token supply over time. This deflationary mechanism is expected to attract holders and potentially initiate a bull run.
As the major 5% burn event approaches, market sentiment appears to be shifting bullish on the $WSM token, with positive sentiment driving strong price action. Unlike other meme coins like $MYRO, which have experienced significant downside volatility, $WSM has remained bullish and even gained value over the past week. Technical analysis indicates that the $WSM price is testing resistance levels and may be on the verge of a breakout move. The RSI and MACD indicators both suggest bullish momentum, adding to the positive outlook for the token.
To further engage with the holder community, the WSM Casino is hosting a giveaway where participants have a chance to win $150 USD. In order to enter, participants must follow specific instructions on social media platforms like Twitter, as well as engage with the WSM community on Discord and Telegram. This initiative not only rewards community members but also helps to generate hype and engagement around the Wall Street Memes project.
The growth of the Wall Street Memes ecosystem, coupled with the upcoming token burn event and positive market sentiment, suggests a promising future for the $WSM token. The deflationary dynamics implemented by Wall Street Memes are likely to attract holders and potentially drive a bull run. Community engagement initiatives like giveaways further strengthen the bond between project developers and community members, fostering a sense of loyalty and support for the project. As with any high-risk asset class, caution should be exercised when investing in crypto assets, and thorough research is recommended before making any investment decisions.