Solana blockchain memo token grew by 500% in a few hours

A new meme coin called WEN has appeared on the Solana blockchain SOL $93.29 Binance-Peg SOL -0.26% Market capitalization $0.1 billion VOL. 24 hours $0.14 billion . The digital asset attracted considerable community interest after it was distributed to more than a million crypto wallets. Taking advantage of the increased excitement around WEN, a smart trader successfully earned about $ 1.60 million within 14 hours.

LookOnChain blockchain researchers found that the trader initially purchased 20 billion WEN tokens at launch for $ 125,500 USD. Subsequently, the trader strategically unloaded 12.5 billion WEN for $ 807,000, making an impressive profit of $ 682,000.

Despite the significant sale, the trader still holds 7.6 billion WEN with an unrealized profit of $ 941,000.

According to CoinGecko, the WEN token has experienced an extraordinary 500% price increase since its launch on January 26, peaking at $ 0.13 781 before falling back to $ 0.9 401.

This surge boosted WEN’s market capitalization to $ 135 million, which has since been corrected to $ 95.8 million. It’s worth noting that the trading data indicates significant community activity around the meme-coin.

CoinMarketcap data shows that WEN-related trading pairs such as USDC/WEN and SOL/WEN accounted for more than 30% of trading activity on Solana’s leading decentralized exchange, Jupiter.

The Solana community conceived of WEN as a tribute to Weremeow and the common cryptocurrency question of «when.» The project adopted a strategic approach to the distribution of its fixed supply of one trillion tokens. In particular, 70% of the tokens were distributed to Jupiter users who actively traded for at least $ 5 between July 2023 and January 2024. All tokens that do not become popular by January 29 will be burned, according to the official X project handle.