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.
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.