Wall Street Memes has recently launched a major new burn mechanism that is set to have a significant impact on the dynamics of its $WSM token. This new development marks a departure from the original plan of a 10% buyback of Net Gaming Revenue, with the burn mechanism now applying to 100% of $WSM Net Gaming Revenue generated by the WSM Casino.
The introduction of the burn mechanism is a deflationary force that aims to reduce the circulating supply of $WSM tokens. With 5% of the total $WSM supply set to be burnt during the first monthly burn event on February 29th, investors can expect a reduction in the overall supply, which could potentially drive up the value of $WSM tokens over time.
The monthly recurring NGR burn events are expected to have a long-term impact on $WSM tokenomics, with the deflationary pressure likely to increase as the year progresses. Investors will be able to track the progress of these burn events on the WSM Web3 Dashboard, providing transparency and visibility into the token dynamics.
Despite the recent challenges faced by ERC-20 meme coins, including increased congestion and higher fees on the Ethereum network, $WSM has shown resilience in the market. While meme coin traffic has shifted towards Solana due to high Ethereum fees, $WSM has continued to trade relatively well compared to its Solana-based rivals.
During a period of retracement for $BONK, $WSM was able to outperform its price, demonstrating strength and stability in the market. Technical indicators suggest that $WSM is in a bullish position, with the RSI and MACD showing positive momentum. This signals that Wall Street Memes may be gearing up for another major uptrend, with the upcoming 5% burn event on February 29th potentially acting as a catalyst for further price appreciation.
To stay updated on Wall Street Memes project news and developments, investors are encouraged to follow the project on social media platforms such as Twitter, Discord, Telegram, Instagram, and TikTok. Engaging with the WSM community can provide valuable insights and opportunities to participate in the hype surrounding the project.
It is important to note that investing in cryptocurrencies, including $WSM, carries inherent risks. This article is for informational purposes only and should not be considered as investment advice. Investors should conduct their own research and consider their risk tolerance before making any investment decisions in the crypto space. Be aware that you could potentially lose all of your capital when investing in high-risk asset classes like cryptocurrencies.