Wall Street Memes’ new burn mechanism has begun operating, where 5% of the $ WSM supply will be destroyed.
The introduction of the new burn mechanism marks the beginning of an exciting deflationary force in the $WSM token dynamic, with the developers announcing last week that the original plan to buy back 10% net gaming revenue has taken a more bullish turn.
Wall Street Meme revealed that the burn mechanism will now apply to the $ of 100% WSM net gaming revenue (NGR) generated by the flagship product WSM Casino.
In the first monthly $WSM net gaming revenue burn, which will take place on February 29th, a massive 5% of the total supply will be destroyed, equivalent to approximately 100 million tokens.
You can check out our burn tracker here: https://t.co/z4abpsAwWg
Please note the date of February 29th, the first $WSM destruction event will take place on that day, destroying all NGRs generated between October 2023 and January 2024, equivalent to approximately 5% of the total $WSM supply.
How the Wall Street meme burning mechanism works
The goal of the new burning mechanism is to reduce the circulating supply of $WSM, and it is expected that this 5% reduction will have a deflationary effect on the value of the $WSM token.
This impact is expected to gradually increase this year, and the monthly recurring NGR destruction events may have a long-term impact on the $WSM token economics.
Starting February 29th, the progress of these burn events can be tracked through the WSM Web3 dashboard.
Will the First Major Wall Street Meme Destruction Event Push $WSM Prices to Highs?
ERC-20 memecoins have struggled to gain momentum in recent weeks, with congestion on the Ethereum network and higher fees leading to the rise of ERC-404 tokens.
As memecoin volumes shifted to Solana amid high fees, upward momentum from DOGE to SHIB has struggled.
However, despite the reduction in trading volume, $WSM still performed relatively well against Solana-based competitors such as $BONK.
($BONK – orange, $WSM – blue)
In fact, when $BONK experienced a localized retracement between February 16 and 18, $WSM was able to outperform $BONK in price, protecting holders from a broader decline.
A closer look at the $WSM price shows that the technical structure is strengthening in the short term, with $WSM showing an impressive recovery over the past week.
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Now, the bullish stance of $WSM above the 20DMA has turned key indicators such as RSI (40.5 – oversold) and MACD (0.00037 – slightly bullish momentum) positive.
The combination of these factors suggests that $WSM is ready for another major uptick, and the 5% destruction event on February 29 could be a powerful catalyst, so don’t miss out.
To stay up to date with the latest news from the Wall Street Meme Project, be sure to connect on Twitter.
Also, don’t forget to participate in the WSM community on Discord and Telegram, and join the hype on Instagram and TikTok.
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