Wall Street Memes has recently implemented a major new burn mechanism that is set to shake up the $WSM token dynamics. This deflationary force will see a significant 5% of the total $WSM supply heading for the furnace, marking a departure from the original plan of a 10% buyback of Net Gaming Revenue.
The burn mechanism will now apply to 100% of $WSM Net Gaming Revenue generated by the WSM Casino, one of the project’s flagship products. The upcoming burn event scheduled for February 29th will see around 5% of the total $WSM supply being burnt, equating to approximately 100 million tokens. This move aims to reduce the circulating supply of $WSM tokens and is expected to have a deflationary impact on their value.
The 5% reduction in the $WSM token supply is anticipated to have far-reaching effects on the tokenomics of the project. As monthly recurring Net Gaming Revenue burn events become a regular occurrence, the long-term impact on $WSM token dynamics is set to grow. Investors and holders can track the progress of these burn events on the WSM Web3 Dashboard starting from February 29th.
Market Performance
Despite the challenging environment for ERC-20 meme coins in recent weeks, $WSM has managed to hold its own against Solana-based rivals such as $BONK. During a period of localized retracement for $BONK, $WSM demonstrated relative strength, shielding holders from significant price declines. The technical structure of $WSM has shown signs of strength, with the token moving above the 20-day moving average and key indicators like the RSI and MACD turning bullish.
Outlook and Catalysts
The positive technical setup of $WSM coupled with the upcoming 5% burn event on February 29th could act as a strong catalyst for future price movements. Investors are urged not to miss out on potential gains from this event. Staying updated on Wall Street Memes project news and engaging with the community on various platforms such as Twitter, Discord, Telegram, Instagram, and TikTok is essential for those looking to participate in the $WSM ecosystem.
The implementation of the burn mechanism by Wall Street Memes represents a significant development in the $WSM token dynamics. The planned burn events and the potential impact on tokenomics highlight the project’s commitment to creating value for its token holders. As always, investors should exercise caution and conduct their own research before considering any investments in the crypto space.
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