The recent growth milestone of Wall Street Memes’ GambleFi project has sparked excitement in the crypto community. With a significant increase in deposited assets onto the WSM Casino platform, there is a growing anticipation of how this development could impact the price of the $WSM token.
Wall Street Memes is set to introduce a new deflationary element to the $WSM token dynamics through a major burn event. This event involves removing 5% of the token supply, aligning with the commitment to a 10% buy-back from Net Gaming Revenue (NGR) of the WSM Casino. Starting on February 29th, the burn mechanism will include all NGR from October 2023 to January 2024, ultimately accounting for 5% of the token supply. This milestone marks the beginning of the developers’ plans for token deflation, with the burn events becoming a recurring monthly feature of $WSM’s long-term tokenomics.
As the major burn event approaches, market sentiment surrounding the $WSM token seems to be shifting bullish. The revamped deflationary tokenomics have fueled positive sentiment and confidence in the price action of $WSM. Unlike some meme coins in the market, such as $MYRO, which have experienced downside volatility, $WSM has maintained a strong bullish form, gaining +1.65% over the past week. The upcoming burn event on February 29th is anticipated to coincide with a pivotal moment in the chart, potentially leading to a breakout move.
In light of these developments, the WSM team is offering an opportunity for community engagement through a giveaway. Participants have a chance to win $150 USD by following specific steps on social media platforms such as Twitter. This initiative not only fosters a sense of community among holders but also creates excitement around the Wall Street Memes project.
To stay updated on Wall Street Memes project news and to engage with the community, individuals are encouraged to connect on various social media platforms such as Twitter, Discord, Telegram, Instagram, and TikTok. These channels provide a platform for interaction, sharing of information, and building a strong community around the $WSM token.
It is important to note that cryptocurrency investments, including $WSM, carry a high level of risk. This article serves as an informational piece and should not be construed as investment advice. Investors should exercise caution and conduct their own research before making any financial decisions in the crypto space.