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As the Wall Street Memes ecosystem braces for a major February burn event, the WSM Casino has revealed a highly-anticipated growth milestone for the fast-growing GambleFi project.
As Wall Street Memes continues to chart a big comeback for the $WSM token in 2024, WSM Casino has registered a whopping $10 million worth of crypto assets deposited onto the crypto casino.
The rapid traction and growth of the WSM Casino platform has been attributed to excitement in the GambleFi community for Wall Street Memes’ 200% sign-up bonus and 200% rakebacks up to $25,000.
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Massive 5% Of $WSM Supply Heads For The Incinerator In Huge February Burn Event
Wall Street Memes is reigniting the $WSM price action in 2024 with a huge burn event set to see 5% of the token supply removed from play.
Adding a new deflationary force to the $WSM token dynamics, Wall Street Memes developers have doubled-down on their original promise of a 10% buy-back on Net Gaming Revenue (NGR) generated by the WSM Casino.
Now, in a bold move, 100% of NGR generated through the $WSM token will be heading for the burn mechanism every month.
The initiation of the burn mechanism is scheduled to take place in just 6 days, on February 29th, in a historic event for the Wall Street Memes ecosystem.
All $WSM NGR generated between October 2023 and January 2024 is heading for the burn, totting up to 5% of the $WSM token supply.
When Is The Next $WSM Burn Event?
The action doesn’t stop there, with this landmark 5% token burn forming just the start of the developers’ plans for token deflation.
Wall Street Memes’ burn mechanism will become a recurring monthly feature of $WSM’s long-term tokenomics, acting to gradually reduce token supply over time – an alluring proposition for holders at the start of a potential bull run.
Progress on these burn events will be trackable on the WSM Web3 Dashboard from February 29th.
How Is $WSM Token Price Doing Ahead Of The Burn Event?
As the major 5% burn event approaches, market sentiment appears to be shifting bullish on $WSM token in response to the revamped deflationary tokenomics.
Indeed, positive sentiment has fuelled defiance in $WSM price action, with Wall Street Memes actively avoiding a drawback alongside the rest of the meme coin vertical.
Take for example the shiny new Solana meme coin $MYRO, which has enjoyed popular traction in recent weeks.
Despite trending status, $MYRO has fallen -20.89% over the past 7 days, highlighting downside volatility in the broader meme coin market.
Yet, by comparison $WSM has remained in strong bullish form, gaining +1.65% over the past week.
A closer look at $WSM price reveals the burn event on February 29th will coincide with a decisive moment in the chart.
Still riding atop 20 DMA support, the $WSM price is in an ongoing resistance test with the upper trendline – positioning price on the verge of a breakout move.
This is a view affirmed by other technical indicators, with the RSI showing bullish divergence at 44.87 and the MACD reflecting bullish momentum.
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Don’t miss out on the opportunity to win $150 USD in the latest WSM Casino giveaway, as the WSM team continues to give back to the holder community.
In order to participate and be in with your shot of winning the prize, simply follow the WSM Casino X account, like and retweet the post, and reply to the tweet with the answer to the puzzle.
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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