Tuesday, February 20th, 2024 – Wall Street Memes’ major new burn mechanism has ignited into action, with an unmissable 5% of the $WSM supply heading for the furnace.
The launch of the burn mechanism marks the beginning of an exciting deflationary force in $WSM token dynamics, after developers last week announced a far more bullish change to the original plan of a 10% buyback of Net Gaming Revenue.
Wall Street Memes revealed that the burn mechanism would now apply to 100% of $WSM Net Gaming Revenue (NGR) generated by flagship product WSM Casino.
A HUGE 5% of the total $WSM supply, which equates to around 100 million tokens will be burnt when our first monthly $WSM Net Gaming Revenue burn takes place on the 29th of February
You can view our burn tracker here
https://t.co/z4abpsAwWg pic.twitter.com/bamjNnyCdF
— Wall Street Memes Casino (@wsmcasino) February 19, 2024
Mark your calendar for February 29th when the first $WSM burn event is due to take place, with all NGR generated between October 2023 and January 2024 set for the burn – equating to around 5% of $WSM’s total supply.
How Does The Wall Street Memes Burn Mechanism Work?
With the goal of the new burn mechanism aiming to reduce circulating supply for $WSM, the 5% reduction is expected to have a deflationary impact on the value of $WSM tokens.
This is expected to increase as a force throughout the year, with monthly recurring NGR burn events likely to impact on long-term $WSM tokenomics.
Progress on these burn events will be trackable on the WSM Web3 Dashboard from February 29th.
Will 1st Major Wall Street Memes Burn Event Ignite Skyrocket $WSM Price?
Recent weeks have seen tough growth across ERC-20 meme coins, and this has been fuelled in part by increased congestion and higher fees on the Ethereum network due to the rise of ERC-404 tokens.
With meme coin traffic shifting volumes towards Solana while fees are high, upside movements have been hard-fought from $DOGE to $SHIB.However, despite the reduced volume, $WSM has continued to trade relatively well even versus Solana-based rivals such as $BONK.
($BONK – Orange, $WSM – Blue)Indeed, when $BONK saw localized retracement moves across February 16-18, $WSM was able to outperform $BONK’s price shielding holders from the wider downtick.
A closer glance at the $WSM price reveals that technical structure is strengthening on the short time frame, with $WSM mounting an impressive recovery over the past week.
Now in a bullish poise above the 20DMA, $WSM’s shift out of retracement has seen key indicators such as the RSI (40.5 – oversold) and MACD (0.00037 – minor bullish momentum) switch to a positive outlook.
The confluence of these factors suggests that Wall Street Memes is ready for another major leg up, and it seems likely that the 5% burn event on February 29th could be a strong catalyst – so don’t miss out.
In order to stay up to date on Wall Street Memes project news, be sure to connect on X (Twitter).Also, don’t forget to participate with the WSM community on Discord as well as Telegram, and add to the hype on Instagram and TikTok.
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The post New Wall Street Memes Burn Mechanism Fires-Up – Don’t Miss As 5% of $WSM Supply Set For Inferno appeared first on Cryptonews.
