Wall Street Memes recently introduced a major new burn mechanism that has set fire to 5% of the $WSM supply. This move marks a significant shift in the token dynamics of $WSM, as developers moved from a 10% buyback of Net Gaming Revenue to a full burn mechanism for all NGR generated by their flagship product, WSM Casino. The upcoming burn event on February 29th is expected to burn around 100 million tokens, which is a substantial amount that will impact the circulating supply of $WSM.
The main goal of the new burn mechanism is to reduce the circulating supply of $WSM tokens, leading to a deflationary effect on their value. This reduction is anticipated to have a lasting impact on the tokenomics of $WSM, especially considering the monthly recurring burn events that are planned to follow. Investors can track the progress of these burn events on the WSM Web3 Dashboard starting from February 29th.
In recent weeks, the cryptocurrency market has seen significant growth in ERC-20 meme coins. However, increased congestion and higher fees on the Ethereum network have shifted trading volumes towards Solana-based tokens. Despite this trend, $WSM has managed to outperform its competitors, such as $BONK, during retracement periods. The technical analysis of $WSM’s price chart indicates a strengthening market structure, with key indicators like RSI and MACD signaling positive momentum.
With $WSM trading above the 20DMA and showing signs of recovery, the upcoming 5% burn event on February 29th could serve as a catalyst for further price appreciation. Investors are encouraged to stay updated on Wall Street Memes project news by following their social media channels on Twitter, Discord, Telegram, Instagram, and TikTok. It is important to note that investing in cryptocurrencies, including $WSM, carries high risk and individuals could potentially lose all of their invested capital.
Overall, Wall Street Memes’ new burn mechanism introduces an exciting deflationary force in the $WSM token ecosystem. The upcoming burn event on February 29th, where 5% of the total $WSM supply will be burned, is expected to have a positive impact on the token’s value. As the project continues to evolve and engage with the community through various social media platforms, investors should stay informed and exercise caution when participating in the highly volatile crypto market.
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