Wall Street Memes has recently implemented a major new burn mechanism that has set ablaze 5% of the $WSM token supply. This move marks the beginning of an exciting deflationary force in the dynamics of the $WSM token. Originally, developers had planned for a 10% buyback of Net Gaming Revenue, but they have now shifted to burning 100% of $WSM Net Gaming Revenue generated by their flagship product, WSM Casino. With around 100 million tokens set to be burnt in the first monthly $WSM Net Gaming Revenue burn on February 29th, the community eagerly awaits the impact of this significant event.
The goal of the new burn mechanism is to reduce the circulating supply of $WSM tokens, ultimately leading to a deflationary effect on their value. As the 5% reduction takes effect, the market can expect to see a shift in the tokenomics of $WSM. Monthly recurring burn events will further contribute to the long-term impact on the value of $WSM tokens. Progress on these burn events will be transparent and trackable on the WSM Web3 Dashboard, providing the community with real-time updates on the token supply.
In the midst of a competitive environment for ERC-20 meme coins, $WSM has displayed remarkable resilience. While other tokens have faced challenges due to congestion and high fees on the Ethereum network, $WSM has managed to hold its ground against Solana-based competitors like $BONK. The price performance of $WSM compared to $BONK showcases its strength and ability to weather market fluctuations, providing stability for holders amid market volatility.
A closer look at the technical aspects of $WSM reveals a strengthening trend on the short-term timeframe. With the token trading above the 20-day moving average and key indicators like the RSI and MACD showing positive signs, Wall Street Memes appears to be on the verge of a significant upward movement. The upcoming 5% burn event on February 29th is poised to act as a catalyst for further growth, presenting an opportunity for investors to capitalize on the momentum.
To stay informed about the latest developments and news related to Wall Street Memes, community members are encouraged to connect on social media platforms such as Twitter, Discord, Telegram, Instagram, and TikTok. Active participation in discussions and engagement with the community can help foster a sense of belonging and support the project’s growth. However, it is important to note that investing in crypto assets carries inherent risks, and individuals should always conduct their own research and exercise caution when entering the market.
Overall, Wall Street Memes’ deflationary burn mechanism marks a significant milestone in the project’s journey, offering a glimpse into the potential for growth and value appreciation for $WSM tokens. As the community eagerly anticipates the upcoming burn event and tracks its impact on the token supply, there is a sense of optimism and excitement surrounding the future prospects of Wall Street Memes in the increasingly competitive crypto landscape.