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As Chinese New Year approaches, the Wall Street Memes development team has announced a new major burn mechanism that aims to reignite $WSM token economics ahead of the next Bitcoin halving event.
This announcement comes amid a notable recovery in the price of $WSM, with trading for the legendary meme coin now up 26.48% compared to last week.
With $WSM outperforming major meme coins such as the BONK token, it is clear that introducing new tokenomics here could fuel an impressive rally through the end of April.
(WSM – blue, BONK – orange)
New Wall Street Meme Tokenomics Investigation: $WSM Burn Mechanism Explained
Building on past promises to buy back 10% of net gaming revenue, the Wall Street Memes development team has unveiled a powerful new plan to burn 100% of $WSM’s net gaming revenue (generated by WSM Casino).
According to plans, the first burn event will take place on February 29th and will burn all game net revenue generated in $WSM tokens from October 2023 to January 2024.
This extends to all net gaming revenue generated through the use of $WSM tokens, and the size of this burn will vary from month to month as the monthly performance of WSM casinos varies.
However, the long-term impact on token economics could be much more dramatic, with the plan accounting for a recurring drain of $WSM net gaming revenue each month on casino platforms.
The goal of this burn mechanism is to reduce the circulating supply of $WSM token economics. This will have a deflationary effect on the value of the $WSM token.
The progress of these burn events can be tracked on the WSM Web3 dashboard starting February 29th.
Could the new burn mechanism lead to another massive $WSM price increase?
The cryptocurrency market is poised for an exciting year as the Securities and Exchange Commission’s (SEC) recent approval of a spot Bitcoin ETF raises expectations for a bull market event in 2024.
Additionally, with the Bitcoin halving event approaching in late April 2024, Bitcoin block rewards are poised to be reduced by -50% due to this new institutional demand.
Both of these factors are expected to stimulate bullish market conditions, and looking at the meme coin sector in particular, it is clear that the best holdings are based on market position and token economics.
Exciting news! 🔥
At the end of each month we will burn 100% of the funds. $WSM net gaming revenue @wsmcasino! 🚀
First, we plan to burn NGR from October 2023 to the end of January 2024💰
We’ve started a countdown on our site. You can check it out here… pic.twitter.com/NkaYBfu9C1
— Wall Street Meme Casino (@wsmcasino) February 9, 2024
This makes Wall Street Memes a top choice for the coming year, bolstered by an active development team looking to build a significant market base in 2023 and create a deflationary effect on supply.
Price action currently provides an attractive entry point, with $WSM currently trading at a market price of $0.007545 (24-hour change +7.48%).
The price action took place in a local bullish pennant pattern due to support from the recent bounce from the lower trendline.
(source: Trading View)
This means that $WSM price could cross the upper trendline towards 20DMA in the short term, a move that is likely to be triggered by burn event news.
Major indicators were also bullish for $WSM. RSI is at 37.97 (an oversold signal) and MACD is bullish at 0.000274, moving in a direction that reflects improving momentum.
Therefore, all technical factors suggest that $WSM price is overdue for a significant move and is a prime candidate for meme coin investors in 2024.
To stay up to date with Wall Street Memes project news, connect at: X (Twitter).
Also, don’t forget to join the WSM community on Discord and Telegram and add the hype on Instagram and TikTok.
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