Wall Street Memes has recently implemented a major new burn mechanism that is set to have a significant impact on the $WSM token dynamics. This mechanism involves burning 5% of the total $WSM supply, which equates to around 100 million tokens. The burn is scheduled to take place on February 29th, with all Net Gaming Revenue generated between October 2023 and January 2024 set to be burnt.
The goal of the new burn mechanism is to reduce the circulating supply of $WSM tokens, which is expected to have a deflationary impact on the token’s value. This reduction in supply is anticipated to strengthen over time, with monthly recurring burn events likely to influence the long-term tokenomics of $WSM. Investors can track the progress of these burn events on the WSM Web3 Dashboard starting from February 29th.
Despite the challenging environment for ERC-20 meme coins due to increased congestion and higher fees on the Ethereum network, $WSM has displayed resilience in its trading performance. Even when compared to Solana-based rivals like $BONK, $WSM has shown relative strength. During a period of localized retracement moves for $BONK, $WSM outperformed, shielding holders from the broader downtick.
A closer look at the price action of $WSM reveals a strengthening technical structure on the short timeframe. The token has mounted an impressive recovery over the past week and is currently trading above the 20-day moving average (20DMA). Key indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) point towards a bullish outlook for $WSM. This positive confluence of factors suggests that Wall Street Memes is poised for further upside movement, with the upcoming 5% burn event on February 29th potentially serving as a strong catalyst for price appreciation.
To stay updated on Wall Street Memes project news and developments, investors are encouraged to connect with the project on various social media platforms. Engaging with the WSM community on Discord and Telegram, as well as participating in discussions on Instagram and TikTok, can help investors stay informed and contribute to the hype surrounding the project.
It is important to note that cryptocurrency investments, including $WSM, are considered high-risk assets. This article is intended for informational purposes only and should not be interpreted as investment advice. Investors should be aware of the potential risks involved in trading cryptocurrencies and should conduct their own research before making any investment decisions. The value of investments can fluctuate, and there is a possibility of losing all invested capital.
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