Wall Street Memes has recently announced a major new burn mechanism that is set to ignite a significant change in the $WSM token dynamics. This new mechanism involves burning 5% of the total $WSM supply, which equates to around 100 million tokens. The burn mechanism will be applied to all Net Gaming Revenue (NGR) generated by Wall Street Memes’ flagship product, WSM Casino. This marks a shift from the original plan of a 10% buyback of Net Gaming Revenue, showing a more bullish approach by the developers.
The goal of the new burn mechanism is to reduce the circulating supply of $WSM tokens, leading to a deflationary impact on the token value. The 5% reduction in supply is expected to have a noticeable effect on the token value, especially as the burn events recur monthly. These monthly burn events will be trackable on the WSM Web3 Dashboard, providing transparency to token holders and investors.
In the midst of tough growth across ERC-20 meme coins, Wall Street Memes has managed to hold its ground against competitors. Despite shifts in market trends and increased congestion on the Ethereum network, $WSM has continued to trade relatively well compared to Solana-based rivals like $BONK. During a period of localized retracement moves, $WSM outperformed $BONK, showcasing resilience in its price action.
Technical Analysis
A closer look at the $WSM price reveals a strengthening technical structure on the short time frame. The token has shown an impressive recovery over the past week, positioning itself bullishly above the 20-day moving average (20DMA). Key indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are also showing positive signals, indicating a potential for further upside movement.
Upcoming Catalysts
The upcoming 5% burn event on February 29th is expected to act as a strong catalyst for Wall Street Memes, potentially fueling another major leg up for the token. Investors and holders are encouraged not to miss out on this event, as it could have a significant impact on the token’s price and market sentiment. To stay updated on Wall Street Memes project news, it is recommended to connect with the community on platforms like Twitter, Discord, Telegram, Instagram, and TikTok.
The introduction of the new burn mechanism by Wall Street Memes signifies a shift towards a more deflationary tokenomics model. With a focus on reducing circulating supply and increasing token value, the 5% burn events are set to play a crucial role in the future performance of $WSM. Investors should stay informed and monitor the developments closely to make well-informed decisions in this high-risk asset class.
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