Wall Street Memes has recently implemented a major new burn mechanism that is set to revolutionize the dynamics of the $WSM token. With 5% of the total $WSM supply headed for the furnace, this move marks the beginning of an exciting deflationary force within the project.
Developers at Wall Street Memes initially planned for a 10% buyback of Net Gaming Revenue. However, an unexpected shift in strategy led to the decision to apply the burn mechanism to 100% of $WSM Net Gaming Revenue generated by their flagship product, WSM Casino. This means that a significant 5% of the total $WSM supply, approximately 100 million tokens, will be burnt during the first monthly $WSM Net Gaming Revenue burn event scheduled for February 29th.
The primary goal of the new burn mechanism is to reduce the circulating supply of $WSM tokens. As a result, the 5% reduction is expected to have a deflationary effect on the value of $WSM, which is likely to increase over time as the burn events become more frequent. This deflationary pressure is expected to significantly influence the long-term tokenomics of $WSM.
Despite the challenging environment for ERC-20 meme coins, Wall Street Memes has managed to hold its ground against Solana-based competitors like $BONK. Notably, when $BONK experienced retracement moves in mid-February, $WSM displayed relative strength by outperforming $BONK’s price movements and protecting holders from widespread market downtrends.
A closer look at the price action of $WSM reveals a strengthening technical structure on short time frames. With the token trading above the 20-day moving average and key indicators such as the RSI and MACD turning bullish, Wall Street Memes appears poised for a significant upward move. The upcoming 5% burn event on February 29th is anticipated to serve as a strong catalyst for further price appreciation.
To stay informed about the latest developments with Wall Street Memes, make sure to follow the project on social media platforms like Twitter, Discord, Telegram, Instagram, and TikTok. Engaging with the WSM community and keeping up to date with project news will help you stay ahead of the curve in the volatile world of cryptocurrency investing.
It is important to remember that investing in cryptocurrencies, including $WSM, carries inherent risks. This article is meant for informational purposes only and should not be construed as investment advice. Always conduct thorough research and consider your risk tolerance before engaging in any investment activities to avoid potential financial loss.