Friday, February 23, 2024 – As the Wall Street Memes ecosystem braces for a major February burn event, the WSM Casino has revealed a highly-anticipated growth milestone for the fast-growing GambleFi project – explore $WSM price analysis and discover how this could impact on price.
As Wall Street Memes continues to chart a big comeback for the $WSM token in 2024, WSM Casino has registered a whopping $10 million worth of crypto assets deposited onto the crypto casino.
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Huge 5% of $WSM Supply Heading For The Furnace In Major February Burn Event
Wall Street Memes is sparking $WSM price action in 2024 with a major burn event, removing 5% of the token supply. This introduces a new deflationary element to $WSM’s dynamics, following through on their commitment to a 10% buy-back from Net Gaming Revenue (NGR) of the WSM Casino.
In a significant step, all NGR from the $WSM token will now be burned monthly. The burn mechanism starts in just 6 days, on February 29th, marking a milestone for the ecosystem.
The burn will include all $WSM NGR from October 2023 to January 2024, accounting for 5% of the token supply.
When Will The Next $WSM Burn Event Be?
The action doesn’t stop there, with this landmark 5% token burn forming just the start of the developers’ plans for token deflation.
Wall Street Memes’ burn mechanism will become a recurring monthly feature of $WSM’s long-term tokenomics, acting to gradually reduce token supply over time – an alluring proposition for holders at the start of a potential bull run.
Progress on these burn events will be trackable on the WSM Web3 Dashboard from February 29th.
How Is $WSM Token Price Shaping Up Ahead of the Burn Event?
As the major 5% burn event approaches, market sentiment appears to be shifting bullish on $WSM token in response to the revamped deflationary tokenomics.
Indeed, positive sentiment has fuelled defiance in $WSM price action, with Wall Street Memes actively avoiding a drawback alongside the rest of the meme coin vertical.
Take for example the shiny new Solana meme coin $MYRO, which has enjoyed popular traction in recent weeks.(Blue – $WSM, Orange – $MYRO)Despite trending status, $MYRO has fallen -20.89% over the past 7 days, highlighting downside volatility in the broader meme coin market.
Yet, by comparison $WSM has remained in strong bullish form, gaining +1.65% over the past week.
A closer look at $WSM price reveals the burn event on February 29th will coincide with a decisive moment in the chart.
Still riding atop 20 DMA support, the $WSM price is in an ongoing resistance test with the upper trendline – positioning price on the verge of a breakout move.
This is a view affirmed by other technical indicators, with the RSI showing bullish divergence at 44.87 and the MACD reflecting bullish momentum.
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Don’t miss out on the opportunity to win $150 USD in the latest WSM Casino giveaway, as the WSM team continues to give back to the holder community.
In order to participate and be in with your shot of winning the prize, simply follow the WSM Casino X account, like and retweet the post, and reply to the tweet with the answer to the puzzle.
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