The Wall Street Memes ecosystem is currently experiencing a major growth milestone as the WSM Casino has disclosed the deposit of $10 million worth of crypto assets. This deposit has been attributed to the excitement surrounding the GambleFi project within the Wall Street Memes community. The platform has been able to attract users with its 200% sign-up bonus and 200% rakebacks up to $25,000.
To further enhance the dynamics of the $WSM token, a major burn event is scheduled to take place. This event will result in the removal of 5% of the token supply, introducing a new deflationary element to the token’s ecosystem. This move is in line with Wall Street Memes’ commitment to a 10% buy-back from Net Gaming Revenue (NGR) of the WSM Casino. The burn mechanism, starting on February 29th, will involve monthly burns of all $WSM NGR, with the initial burn accounting for 5% of the total token supply.
The recurring monthly burn events will gradually decrease the token supply over time, making it an attractive proposition for token holders. The market sentiment surrounding the $WSM token has become increasingly bullish in anticipation of the upcoming burn event. While other meme coins, such as $MYRO, have experienced downside volatility, $WSM has maintained a strong bullish trend, gaining +1.65% over the past week.
A closer look at the $WSM price chart indicates that the burn event on February 29th will coincide with a critical moment in the chart. With the price still above the 20-day moving average (DMA) support, it is currently testing resistance at the upper trendline, hinting at a possible breakout move. Technical indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) further support this bullish momentum.
The WSM Casino is actively engaging with its community through giveaways, such as the opportunity to win $150 USD. Participants can enter the giveaway by following, liking, retweeting, and replying to a tweet from the WSM Casino account. This strategy helps to foster community engagement and reward loyal holders.
To stay updated on the latest news and developments within the Wall Street Memes project, users are encouraged to follow the project on various social media platforms such as Twitter, Discord, Telegram, Instagram, and TikTok. These platforms allow community members to interact, share information, and participate in the ecosystem.
It is important to note that investing in crypto assets, including $WSM tokens, carries a high level of risk. The information provided in this article is for informational purposes only and should not be considered as investment advice. Investors should be aware of the potential for loss of capital and exercise caution when participating in the cryptocurrency market.
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