Wall Street Memes (WSM) has announced a new token burn mechanism to boost the meme coin’s price before Bitcoin’s next halving event in April 2024. The burn events will destroy 100% of WSM’s net gaming revenue from its casino platform starting on February 29th.
The first event will eliminate revenue accumulated from October 2023 to January 2024. Additional burns will occur monthly, removing proceeds generated in the previous month. This recurring schedule intends to lower WSM’s circulation and create a downturn effect that increases the token’s value.
The news has already positively impacted WSM’s price, which is up 27.92% over the past week. As crypto markets prepare for Bitcoin’s halving and further adoption, meme coins with tokenomics like WSM are attracting investor attention.
The burns’ impact will accumulate over time as revenue gets continuously removed from the supply. Progress can be tracked on WSM’s Web3 dashboard. The team hopes to reduce available WSM, which will benefit long-term holders as demand rises faster than supply. With the price showing signs of recovery, the burn strategy appears timed to take advantage of growing hype before the halving.
Also read: Wall Street Memes Faces Coordinated Attack on $WSM Network
