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As the Chinese New Year beckons, the Wall Street Memes development team have announced a major new burn mechanism, which aims to reignite $WSM tokenomics ahead of the next Bitcoin halving event.
The announcement comes amid a marked recovery in the $WSM price, with the now legendary meme coin trading at a +26.48% increase over the past week.
With $WSM outperforming leading meme coins like BONK token, it’s clear that the introduction of new tokenomics here could stimulate an impressive rally into late April.
Examining The New Wall Street Memes Tokenomics: $WSM Burn Mechanism Explained
Building on their past promise of a 10% buyback of Net Gaming Revenue, the Wall Street Memes development team has revealed a high-octane new plan that will see 100% of $WSM’s Net Gaming Revenue (generated by WSM Casino) burned.
Plans for the first burn event suggest it will take place on February 29th, and will see all Net Gaming Revenue generated by the $WSM token from October 2023 to January 2024 set ablaze.
This extends to all Net Gaming Revenue generated from use of the $WSM token, and due to varying monthly performance in the WSM Casino the size of these burns will vary month-to-month.
However, in the long timeframe the impact on tokenomics could be much more dramatic, with the plans also outlining a recurring monthly burn of $WSM Net Gaming Revenue on the Casino platform.
The goal of this burn mechanism is to reduce circulating supply for $WSM tokenomics, which will have a deflationary impact on the value of $WSM tokens – pumping holders’ bags.
Progress on these burn events will be trackable on the WSM Web3 Dashboard from February 29th.
Might New Burn Mechanism Fire Another Huge $WSM Price Pump?
Crypto markets are poised for an exciting year, with expectations of a bull run event in 2024 riding high on the recent approval of spot Bitcoin ETFs by the Securities and Exchange Commission.
Plus, with a Bitcoin halving event on the horizon in late-April 2024, these new forces of institutional demand are poised to meet with a -50% reduction in Bitcoin block rewards.
Both of these factors are anticipated to stimulate bullish market conditions, and when looking at the meme coin sector specifically it’s clear the best holds will be based on market position and tokenomics.
Exciting news! 🔥
— Wall Street Memes Casino (@wsmcasino) February 9, 2024
At the end of every month, we'll be burning 100% of the $WSM Net Gaming Revenue in the @wsmcasino! 🚀
To start with, we’ll be burning the NGR from October 2023 to the end of January 2024 💰
We have just launched a countdown on our site, you can view that here… pic.twitter.com/NkaYBfu9C1
This leaves Wall Street Memes as a leading choice for the year ahead, with a significant market foothold established in 2023 – bolstered by an active development team aiming to create a deflationary effect on supply.
Price action presently offers an attractive entry point, with $WSM currently trading at a market price of $0.007545 (a 24-hour change of +7.48%).
A recent bounce off lower trendline support has positioned price action in a local bullish pennant pattern.
(Source: Trading View)
This suggests the $WSM price could break out above the upper trendline towards the 20DMA on the short timeframe, a move with the potential to be triggered by the burn event news.
Key indicators have also flipped bullish on $WSM, with the RSI reading at 37.97 (an oversold signal) and the MACD shifting to reflecting improved momentum with a bullish 0.000274.
All technical factors therefore suggest the $WSM price is overdue for a significant move, and a prime candidate for meme coin investors in 2024.
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.
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