Meme coin $WSM spikes 75% ahead of token burn event, fuelled by anticipation and broader market sentiment.
The price of the meme coin $WSM has surged by 75% in intraday trading as anticipation builds ahead of Wall Street Memes’ inaugural token burn event, scheduled to take place within the next 24 hours.
This price movement comes amidst a broader resurgence in meme coin markets, fuelled in part by social media activity from figures like Elon Musk and the continued rise of Bitcoin, which recently surpassed $61,000.
Traders and investors have been drawn to $WSM in anticipation of the token burn event, which will see 5% of the token’s total supply removed from circulation. This event has generated excitement within the crypto community and has contributed to the increase in trading volume for $WSM.
As of the time of writing, $WSM is trading at $0.01, representing a 24-hour change of +26.4%. The coin’s price surge has been supported by strong trading volume and a bounce off 20-day moving average (DMA) support levels.
Analysts have noted that key indicators, such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), suggest that $WSM still has room for further price growth in the short term.
The RSI, while elevated, has not yet reached overbought levels, indicating potential for continued upward movement. Additionally, bullish divergence in the MACD suggests positive momentum for $WSM.
GAIN 200% WELCOME BONUS WHEN YOU PLAY ON WSM CASINO
The burn event, scheduled for 29 February, aims to reduce the token supply by 5% and is part of Wall Street Memes’ broader deflationary strategy. The event marks the beginning of regular token burns, with 100% of Net Gaming Revenue generated through the $WSM token slated for burning each month.
In comparison to other meme coins, $WSM has outperformed in recent weeks, with a 25.77% gain over the past week.
Investor interest in $WSM is further fuelled by its utility within the WSM Casino. With over 5,000 games and exclusive offerings for $WSM holders, the platform offers a diverse range of gaming experiences. Additionally, players making initial $WSM deposits receive 200 free spins on popular slot games, further enhancing the token’s value proposition.
2,000 DAILY PRIZES TO WIN ON WSM CASINO – CLAIM YOURS NOW
Looking ahead, progress on future burn events and other developments related to Wall Street Memes will be tracked via the WSM Web3 Dashboard, set to launch alongside the burn event.
In January 2024, Wall Street Memes transitioned to the Binance Smart Chain (BSC) and introduced a new token. The move to BSC offers faster and cheaper transactions, providing a more seamless experience for users.
To stay updated about the latest developments in the Wall Street Memes project, community members are advised to follow WSM on social media such as X (Twitter), Discord, Telegram, Instagram and TikTok.
For new players who join WSM Casino, they can receive a 200% welcome bonus of up to $25,000 plus.
