New Wall Street Memes Burn Mechanism Activates – 5% of $WSM Supply Scheduled for Destruction

Tuesday, February 20th, 2024 – The significant new burn mechanism from Wall Street Memes has been activated, with an impressive 5% of the $WSM supply set to be incinerated.

The introduction of the burn mechanism signifies the onset of an intriguing deflationary influence within the $WSM token ecosystem, following the developers’ announcement last week of a more optimistic adjustment to the initial strategy of a 10% buyback of Net Gaming Revenue.

Wall Street Memes disclosed that the burn mechanism will now encompass 100% of the $WSM Net Gaming Revenue (NGR) produced by its flagship offering, WSM Casino.

A SIGNIFICANT 5% of the overall $WSM supply, which amounts to approximately 100 million tokens, will be burned during our inaugural monthly $WSM Net Gaming Revenue burn scheduled for February 29th

You can monitor our burn tracker here https://t.co/z4abpsAwWg pic.twitter.com/bamjNnyCdF

— Wall Street Memes Casino (@wsmcasino) February 19, 2024

Mark your calendars for February 29th, when the first $WSM burn event is set to occur, with all NGR generated from October 2023 to January 2024 designated for the burn – representing around 5% of the total $WSM supply.

How Does The Wall Street Memes Burn Mechanism Function?

The objective of the new burn mechanism is to decrease the circulating supply of $WSM, with the 5% reduction anticipated to exert a deflationary effect on the value of $WSM tokens.

This impact is expected to amplify throughout the year, as monthly recurring NGR burn events are likely to influence the long-term tokenomics of $WSM.

Progress regarding these burn events will be available for tracking on the WSM Web3 Dashboard starting February 29th.

Will the 1st Major Wall Street Memes Burn Event Propel $WSM Price?

Recent weeks have witnessed challenging growth among ERC-20 meme coins, partly driven by increased congestion and elevated fees on the Ethereum network due to the emergence of ERC-404 tokens.

As meme coin activity shifts volumes towards Solana amid high fees, upward movements have been hard-won for tokens like $DOGE and $SHIB. Nevertheless, despite the diminished volume, $WSM has continued to perform relatively well even against Solana-based competitors such as $BONK.($BONK – Orange, $WSM – Blue) Indeed, when $BONK experienced localized retracement from February 16-18, $WSM managed to outperform $BONK’s price, providing a buffer for holders against the broader downturn.

A closer examination of the $WSM price indicates that the technical structure is strengthening in the short term, with $WSM demonstrating a notable recovery over the past week.Now positioned positively above the 20DMA, $WSM’s transition out of retracement has seen key indicators such as the RSI (40.5 – oversold) and MACD (0.00037 – minor bullish momentum) shift to a favorable outlook.

The combination of these elements suggests that Wall Street Memes is poised for another significant upward movement, and it appears that the 5% burn event on February 29th could serve as a powerful catalyst – so be sure to pay attention.

To remain informed about Wall Street Memes project updates, be sure to connect on X (Twitter). Additionally, engage with the WSM community on Discord and Telegram, and contribute to the excitement on Instagram and TikTok.

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