• Wall Street Memes Implements Deflationary Mechanism for $WSM Tokens: 100M Tokens being Burnt
•  Wall Street Memes burns 100% of casino revenue to reduce token supply and boost price ($WSM).

In a strategic move aimed at reshaping the dynamics of its native token, Wall Street Memes (WSM) has initiated a burn mechanism for its $WSM tokens. 

This development marks a departure from the initial plan of a 10% buyback of Net Gaming Revenue (NGR) and instead focuses on burning 100% of $WSM NGR generated by its flagship product, WSM Casino.

The decision to implement the burn mechanism arrives after increased scrutiny and evolving trends within the cryptocurrency market. By reducing the circulating supply of $WSM tokens, the burn mechanism aims to create a deflationary effect, aiming to positively impact the token’s value over time through added scarcity.

Scheduled to commence on 29th February, the first burn event will target NGR generated between October 2023 and January 2024. This equates to approximately 5% of the total supply of $WSM tokens. The burn events are expected to recur monthly, contributing to the overall tokenomics of $WSM and providing transparency to token holders.

The burn mechanism represents a strategic shift in WSM’s approach to token economics, with a newfound focus on enhancing the long-term sustainability and value proposition of $WSM tokens. 

By aligning with the deflationary trend observed in various cryptocurrency projects, WSM aims to strengthen investor confidence and foster stability within its ecosystem.

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Despite recent challenges faced by ERC-20 meme coins, including increased congestion and higher fees on the Ethereum network, $WSM has demonstrated resilience in its performance. While other meme coins have experienced retracement moves, $WSM has maintained relative strength, even outperforming Solana-based competitors such as $BONK.

Technical analysis of the $WSM price suggests a bullish outlook, with indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) signalling positive momentum. The upcoming 5% burn event on 29th February is anticipated to serve as a catalyst for further price appreciation, potentially fueling another major uptrend for $WSM.

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In January 2024, WSM announced its transition to the Binance Smart Chain, leveraging the network’s enhanced security features. This migration facilitated faster and more cost-effective transactions.

To stay informed about the latest developments in the Wall Street Memes project, community members are encouraged to follow WSM on social media platforms such as X (Twitter), Discord, Telegram, Instagram and TikTok. 

WSM Casino has a library of over 5,000 games. Unlike many online casinos, WSM Casino allows players to bet and win using a wide range of cryptocurrencies, including Bitcoin, Dogecoin, Cardano, Solana, Ethereum, XRP, and Tether. 

The crypto casino has also teamed up with reputable gaming providers including Evolution, Hacksaw Gaming and NetEnt. 

For new players who join WSM Casino, they can receive a 200% welcome bonus of up to $25,000 plus 200 free spins.