Wednesday, February 28, 2024 – Meme coin markets are exploding with excitement ahead of Wall Street Memes’ inaugural burn event tomorrow, with the $WSM price skyrocketing +75% as traders race to take position.
Meme coin-focused social media interventions from Elon Musk and bitcoin trading above $61,000 have combined to bring money flooding back into crypto.
Fine, I will get back on the meme grindstone
— Elon Musk (@elonmusk) February 26, 2024
Wall Street Memes is triggering major $WSM price action with a huge burn event set to see 5% of the token supply removed from play in less than 24 hours.
A HUGE 5% of the total $WSM supply, which equates to around 100 million tokens will be burnt when our first monthly $WSM Net Gaming Revenue burn takes place on the 29th of February
You can view our burn tracker here https://t.co/z4abpsAwWg pic.twitter.com/bamjNnyCdF
— Wall Street Memes Casino (@wsmcasino) February 19, 2024
$WSM Price Analysis: Wall Street Memes Mounts +75% Intraday Skyrocket To Local High Ahead of Burn Event
Meme coin markets are brimming with optimism ahead of tomorrow’s $WSM burn event, and price action has become frenzied over the past 24 hours as traders race to take position.
Reeling from a local high, $WSM is currently trading at a market price of $0.01 (a 24-hour change of +26.4%) at the time of writing – with dramatic upside price action fueled by a +44% increase in trading volume.
The pre-burn pump comes as $WSM price action bounces off 20 DMA support, which is acting as a launchpad following 3 days of well-defended consolidation by hyped-up $WSM holders.
With less than 24 hours until the supply reduction, Wall Street Memes’ new deflationary mechanism appears to already be inducing major value accrual for $WSM.(Source: TradingView WSM / USDT)A glance at Wall Street Memes’ key indicators bolsters confidence in the emerging $WSM skyrocket, with the RSI standing at 64.24.
Whilst the RSI is heating up, it has not yet reached fever pitch, suggesting there is still capacity for further price growth without leaving $WSM over-extended on the short time-frame.
Whereas the MACD is reflecting the strength of $WSM’s move up, with rally momentum displaying bullish divergence at 0.000411.
All-in-all, Wall Street Memes appears to be in the early stages of a significant move that has been directly catalyzed by the buzz around the $WSM burn event tomorrow – so don’t miss out.
$WSM Burn Event Explained: Here’s Everything You Need to Know Ahead of Tomorrow’s Wall Street Memes 5% Token Burn
With the aim of reigniting price action ahead of the Bitcoin halving event, the Wall Street Memes team has introduced a huge burn event – set for February 29 – that will see 5% of the $WSM token supply incinerated.
This comes as a surprise move to the WSM community, with developers doubling down on an original promise of a 10% buy-back on Net Gaming Revenue (NGR) generated by the WSM Casino.
Instead, as part of a super-charged deflation plan, 100% of NGR generated through the $WSM token will be heading for the burn mechanism every month.
In the debut burn event, which is scheduled to take place in less than 24 hours, all $WSM NGR generated between October 2023 and January 2024 is heading for the burn, totting up to 5% of the $WSM token supply.
ONE DAY TO GO UNTIL OUR HUGE NET GAMING REVENUE BURN
5% of the $WSM supply will go up in flames
BUY $WSM NOW https://t.co/MzPVAUE4NW
Live countdown https://t.co/z4abpsAwWg pic.twitter.com/zIsvR4MVza
— Wall Street Memes Casino (@wsmcasino) February 28, 2024
However, the fire won’t be extinguished, with plans afoot for a recurring token burn – as a permanent deflationary fixture in $WSM’s long-term tokenomics.
The action doesn’t stop there, with this landmark 5% token burn forming just the start of the developers’ plans for token deflation, making $WSM an excellent hold for the high-octane year ahead.
Progress on these burn events will be trackable on the WSM Web3 Dashboard, which is set to go live alongside the burn event tomorrow.
How Does $WSM Currently Stack Up Against Comparable Meme Coins On The Market?
To further illustrate the huge potential that will be unlocked tomorrow via the burn event, a comparative analysis reveals $WSM’s outstanding performance.
Take, for example, Pepe 2.0, which similarly to Wall Street Memes, saw brilliant performance on the meme coin market in 2023.
($WSM – Blue, $PEPE2 – Orange)
$WSM has been able to gain an impressive +25.77% over the past week as holders and eagle-eyed traders alike position themselves ahead of the burn event.
Despite its strong market position, PEPE2.0 has only managed to muster a meager +1.52% gain in the same time period.
This highlights Wall Street Memes as a meme coin to hold in 2024, not least of all due to its deflationary tokenomics, but also because of the growing accumulation by smart money investors.
Here’s How GambleFi Utility Draws Smart Money Investors To Wall Street Memes
Indeed, there are compelling reasons why smart money investors are flocking to the $WSM token due to the WSM Casino.
The platform boasts a repertoire of over 5,000 high-octane games, and, especially for Wall Street Memes holders, there is a whole suite of new exclusive games at your fingertips.
But the thrill doesn’t end with the virtual casino table; an avalanche of live sports betting opportunities awaits the sports fanatics – with more than 1,000 opportunities at launch.
King of Mafia Challenge – Win $50 in $WSM!
Participate for a chance to win! Here’s how:
1⃣ Follow @wsmcasino
2⃣ Like and RT
3⃣ Sign up for a Casino Account by using the link below
Join now and aim for victory in King of Mafia!https://t.co/M7yzpXhXuq
Winner… pic.twitter.com/ciXf7MyX0w
— Wall Street Memes Casino (@wsmcasino) February 26, 2024
However, the real highlight is the integration of the platform’s native $WSM token, with players making first-time $WSM deposits receiving 200 free spins on the most popular slot game.
So don’t miss your opportunity to stack $WSM ahead of this major catalyst.
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.
The post $WSM Meme Coin Skyrockets +75% Intraday Before Wall Street Memes’ 100m Token Burn – Don’t Miss Out! appeared first on Cryptonews.