The Wall Street Memes ecosystem is currently anticipating a major event in February that could potentially impact the price of the $WSM token. The WSM Casino recently announced a significant growth milestone for the GambleFi project, with $10 million worth of crypto assets deposited onto the platform. This surge in activity has been attributed to the excitement surrounding the 200% sign-up bonus and 200% rakebacks offered by Wall Street Memes.
One of the key factors contributing to the current price action of $WSM is a major burn event that is set to remove 5% of the token supply. This move introduces a new deflationary element to the dynamics of $WSM, fulfilling the commitment to a 10% buy-back from the Net Gaming Revenue (NGR) of the WSM Casino. Starting on February 29th, all NGR from the $WSM token will be burned monthly, marking a significant milestone for the ecosystem.
The token burn scheduled for February 29th is just the beginning of Wall Street Memes’ plans for token deflation. The burn mechanism will become a recurring monthly feature of $WSM’s long-term tokenomics, gradually reducing the token supply over time. This approach is expected to be attractive to holders, especially at the beginning of a potential bull run. Developments related to token burns will be trackable on the WSM Web3 Dashboard, providing transparency to the community.
Market sentiment surrounding $WSM appears to be shifting towards a bullish outlook in response to the updated deflationary tokenomics. While other meme coins like $MYRO have experienced downside volatility, $WSM has maintained a strong bullish trend, gaining +1.65% over the past week. The upcoming burn event on February 29th is expected to coincide with a crucial moment in the price chart, potentially leading to a breakout move.
Opportunity for Holders
The WSM team is currently running a giveaway where participants have the chance to win $150. By following specific steps on social media platforms and engaging with the community, holders can take part in the promotion. This initiative aims to reward and engage with the holder community, creating a sense of excitement and involvement around the Wall Street Memes project.
The recent milestone achieved by the WSM Casino has the potential to significantly impact the price analysis of the $WSM token. The introduction of a token burn event and the commitment to long-term tokenomics have generated positive market sentiment and anticipation among holders. As the ecosystem continues to evolve, it will be interesting to see how these developments shape the future of Wall Street Memes and the $WSM token. Holders and investors are encouraged to stay informed and actively participate in community initiatives to make the most of the opportunities presented.