Wall Street Memes has recently revealed a major new burn mechanism that has set fire to 5% of the $WSM supply. This move marks the beginning of an exciting deflationary force in the $WSM token dynamics, following a change in plans by developers. Initially, a 10% buyback of Net Gaming Revenue was proposed, but the burn mechanism will now apply to 100% of $WSM Net Gaming Revenue generated by their flagship product WSM Casino.
The first $WSM burn event is scheduled to take place on February 29th, where all Net Gaming Revenue generated between October 2023 and January 2024 will be burnt – equating to approximately 5% of $WSM’s total supply. The goal of this new burn mechanism is to reduce the circulating supply of $WSM tokens, ultimately leading to a deflationary impact on its value. As these monthly burn events continue, the long-term tokenomics of $WSM are expected to be affected.
Despite the challenging growth environment for ERC-20 meme coins in recent weeks, $WSM has managed to trade relatively well when compared to its Solana-based competitors like $BONK. In fact, during a period where $BONK experienced retracement moves, $WSM outperformed, shielding holders from any major downticks in price. Analyzing the technical structure of $WSM, it is evident that the token is in a strong position on the short-term timeframe. With indicators such as the RSI and MACD showing positive signs, a bullish momentum is building up for Wall Street Memes.
As Wall Street Memes gears up for the 5% burn event on February 29th, it is anticipated to act as a significant catalyst for the token’s value. To stay updated on the latest project news, connecting on platforms like Twitter, Discord, Telegram, Instagram, and TikTok is highly recommended. It is essential to engage with the WSM community and participate in discussions to amplify the hype surrounding the project.
It is crucial to remember that cryptocurrency investments are high-risk in nature. The information provided in this article is for informational purposes only and should not be considered as investment advice. There is a possibility of losing all capital when investing in crypto assets, and individuals should conduct thorough research and consider their risk tolerance before making any investment decisions.
