Subscribe to our Telegram channel

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

1:39 pm, January 29, 2024

A new meme coin called WEN has appeared on the Solana blockchain SOL $258.47 Solana 6.57% Market capitalization $122.69 billion VOL. 24 hours $2.1 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.

Subscribe to our Telegram channel

BTC

$98,308.56

0.78%

ETH

$3,336.17

6.25%

BNB

$625.68

2.72%

XRP

$1.40

24.75%

SOL

$258.47

6.57%

All courses
Subscribe to our
Telegram channel!
The latest news and reviews of the cryptocurrency markets of the last
day right in your messenger. We are waiting for you!
GO TO
Show more