Friday, February 23, 2024 – As the Wall Street Memes ecosystem gears up for a major February fire event, the WSM Casino unveiled a highly anticipated growth milestone for the fast-growing GambleFi project – explore $WSM price analysis and discover how can impact on price.
As Wall Street Memes continue to chart a major comeback for the $WSM token in 2024, WSM Casino has registered a whopping $10 million in crypto assets deposited on the crypto casino.
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Big 5% of $WSM stock headed for the furnace in a big February burn event
Wall Street Memes Triggers $WSM Price Action in 2024 with Major Fire Event, Removing 5% of Token Supply. This introduces a new deflationary element to $WSM’s dynamics, following their commitment to a 10% buyback from the WSM casino of net gaming revenue (NGR).
In an important step, all NGR from the $WSM token will now be burned monthly. The fire mechanism starts in just 6 days, on February 29, which is a milestone for the ecosystem.
The burn will include all $WSM NGR from October 2023 to January 2024, which constitutes 5% of the token supply.
When will the next $WSM Burn event be?
The action doesn’t stop there, with this landmark 5% token burn just the beginning of the developers’ plans for token deflation.
Wall Street Memes’ burning mechanism will become a recurring monthly feature of $WSM’s long-term tokenomics, gradually reducing the token supply over time – a tempting proposition for holders at the start of a potential bull run.
Progress on these fire events will be trackable on the WSM Web3 Dashboard from 29 February.
How is the $WSM token price progressing before the fire event?
As the big 5% fire event approaches, market sentiment seems to be turning bullish on $WSM token in response to the revamped deflationary tokenomics.
Indeed, positive sentiment fueled defiant $WSM price action, with Wall Street Memes actively avoiding downside along the rest of the meme coin vertical.
Take for example the shiny new Solana meme coin $MYRO, which has been gaining popular traction in recent weeks.
(Blue – $WSM, Orange – $MYRO) Despite trending status, $MYRO has fallen -20.89% over the past 7 days, highlighting the downside volatility in the broader meme coin market.
Still, in comparison, $WSM remained in strong bullish form, gaining +1.65% over the past week.
A closer look at $WSM price reveals that the fire event on February 29th will coincide with a decisive moment in the chart.
Still riding above 20 DMA support, the $WSM price is in an ongoing resistance test with the upper trend line – positioning price on the edge of a breakout move.
This is a view confirmed by other technical indicators, with the RSI showing bullish divergence at 44.87 and the MACD reflecting bullish momentum.
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