Burn

Solana

Wall Street Memes

when

Discord

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 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.
 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 A HUGE 5% of the total $WSM supply,&nbsp; 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
 </blockquote>   
 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.  
 <h2 id="strong-how-the-wall-street-memes-burn-mechanism-works-strong">How The Wall Street Memes Burn Mechanism Works</h2>  
 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.  
 <h2 id="strong-will-first-big-wall-street-memes-burn-event-fire-wsm-price-into-orbit-strong">Will First Big Wall Street Memes Burn Event Fire $WSM Price Into Orbit?</h2>  
 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 $BONK.  
 <figure class="wp-block-image"><img decoding="async" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%200%200'%3E%3C/svg%3E" alt="" data-lazy-src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/VOEaVTARFivoenAHGdaJQQvsCBHK1lv0vQkDTqI7N0CaNTQn1alJ0iKDjlAmaflqzNp2k8aioBZ88sPu5827XjUuvmvnO-1knks9uoePamj_EwKAvj_QOyxcvF8yEoMp_90sliJZrHT-qgDClBBXHK8">
 <noscript><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/VOEaVTARFivoenAHGdaJQQvsCBHK1lv0vQkDTqI7N0CaNTQn1alJ0iKDjlAmaflqzNp2k8aioBZ88sPu5827XjUuvmvnO-1knks9uoePamj_EwKAvj_QOyxcvF8yEoMp_90sliJZrHT-qgDClBBXHK8" alt="">
 </noscript>
 </figure>  
 ($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.  
 <figure class="wp-block-image"><img decoding="async" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%200%200'%3E%3C/svg%3E" alt="" data-lazy-src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/YMYPa8Oy-tDfFF3Gn8pYgdoXl-SWlBr0dtvj8Gp11f3Ueoo5J6fEDTMV6xwCGJbV2ECs02DaDzu1UCXn8P0PBykERzcjhHAsZiyzX4ljFgRzRbY5fY9AyisZNrxctt5tWgUQWWmDPFm_4-q9Vz5OYyc">
 <noscript><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/YMYPa8Oy-tDfFF3Gn8pYgdoXl-SWlBr0dtvj8Gp11f3Ueoo5J6fEDTMV6xwCGJbV2ECs02DaDzu1UCXn8P0PBykERzcjhHAsZiyzX4ljFgRzRbY5fY9AyisZNrxctt5tWgUQWWmDPFm_4-q9Vz5OYyc" alt="">
 </noscript>
 </figure>  
 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 $WSM 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.  
 Buy WSM Here
 Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/new-wall-street-memes-burn-mechanism-ignites-don-t-miss-as-5-of-wsm-supply-heads-for-incinerator-tbt80273.html">https://thebittimes.com/new-wall-street-memes-burn-mechanism-ignites-don-t-miss-as-5-of-wsm-supply-heads-for-incinerator-tbt80273.html</a>
</div>

New Wall Street Memes Burn Mechanism Ignites – Don’t Miss As 5% of $WSM Supply Heads For Incinerator

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