A Million Wallets Receive the New Solana Meme Coin “WEN” via Airdrop

Key points

• In the Solana ecosystem, a novel meme coin issued tokens to more than one million recipients.
• A trader profited from the widespread interest in WEN for approximately $1.60 million in fourteen hours.
• The value of the meme coin surged by an astounding 500%, peaked at $0.0001378.

Solana has embraced the advent of WEN, a novel meme coin. Significant community interest was generated in this digital asset subsequent to its distribution to more than one million purses.

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After being airdropped to more over one million wallets, the new Solana meme coin WEN has become quite popular. Jupiter, an aggregator of decentralized exchanges (DEXs), enabled the airdrop that happened on Friday morning as a part of a large-scale test of its new launchpad.

Nearly one million eligible wallets are waiting with bated breath for Jupiter to resume its airdrop spree next week with its own cryptocurrency, JUP. On the other hand, more than a million Solana wallets were eligible for the WEN airdrop.

Owners of the Solana Saga smartphone were among those who fell into this category, as were frequent Jupiter users during the previous six months and holders of numerous popular NFT projects on the platform.

An airdrop of 643,652 WEN tokens was available to every wallet that fulfilled the requirements. This is worth more over $58 at the present price of $0.00009095, as reported by CoinGecko. The price of WEN has increased by about 483% after the airdrop.

There were brief price surges reported by several data sources; for example, CoinMarketCap peaked at $2,915 and Birdeye at $4,836. On the other hand, since those high points, the value of both platforms has fallen dramatically, with WEN selling at less than a penny right now.

Although these price swings may have surprised some investors, keep in mind that token prices are very unpredictable, especially in the days leading up to and following an airdrop. The notoriously high and low prices of meme coins are well-known.

Wins for Solana Meme Coin Trader

According to blockchain researcher LookOnChain, the dealer spent $125,500 to buy 20 billion WEN tokens during the launch. The trader then made a tidy profit of $682,000. Following this, they cleverly sold 12.5 billion WEN for $807,000.

This large transaction has not eliminated the trader’s 7.6 billion WEN in unrealized profit, which amounts to $941,000.

The value of the meme coin skyrockets within a day of this profit being realized. Since its introduction on January 26, the WEN token’s price has increased by an astounding 500%, reaching a peak of $0.00013781 before retracing to $0.00009401, according to CoinGecko.

The initial market value of WEN was $135 million, which has since adjusted to $95.8 million, due to this spike. The Solana-based meme coin has a sizable community, according to trading data.

Trading pairings associated to WEN, like USDC/WEN and SOL/WEN, accounted for more over 30% of the trading activity on Jupiter, the biggest decentralized exchange for Solana, according to data from CoinMarketcap.

Solana Meme Coins Keep Making Waves

Even though there was a lot of confusion at the start, some WEN recipients are holding onto their tokens in the hopes that the price of Solana meme coins would rise again. Some have even gone so far as to say that the meme coin might have a price explosion similar to that of Dogwifhat (WIF) and popular Solana tokens like BONK.

In the last year, BONK’s value has increased by over 1,000%, and WIF’s value has increased by over 110%, according to data from CoinMarketCap. According to data from Solana Floor, almost 118,000 wallets attempted to connect simultaneously during the airdrop, however the Solana network handled the huge demand.

Nevertheless, the Phantom wallet in particular reported performance concerns during the early phases of the drop, among other technical issues. The Phantom team promised that next week’s JUP airdrop would run more smoothly by fixing these issues.

As it reaches a number of important milestones, Solana keeps making headlines in the cryptocurrency community. For the first time ever, the network’s 7-day stablecoin trade volume exceeded Ethereum’s (ETH) earlier this month.

The value of stablecoin transfers on Solana surpassed all other networks this week, reaching an astounding $103 billion, according to reports. Tron came in at $82.3 billion, BNB Chain at $14.6 billion, and Ethereum at $90.9 billion, securing the second spot.

Solana not only had more stablecoin trade volume in December, but it also had more NFT trade volume than Ethereum.

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