Solana has welcomed the emergence of a new meme coin called WEN. This digital asset generated significant community interest after being distributed to over a million wallets.
Capitalizing on WEN’s heightened excitement, a savvy trader successfully amassed approximately $1.60 million in profits within 14 hours.
Solana Meme Coin Trader Wins
Blockchain investigator LookOnChain disclosed that the trader initially purchased 20 billion WEN tokens at the launch for $125,500. Subsequently, the trader strategically offloaded 12.5 billion WEN for $807,000, raking in an impressive profit of $682,000.
Despite this substantial sale, the trader still holds 7.6 billion WEN at an unrealized profit of $941,000.
This profit realization coincides with a remarkable surge in the meme coin’s value within 24 hours. According to CoinGecko, the WEN token experienced an extraordinary 500% price increase since its launch on January 26, peaking at $0.00013781 before retracing to $0.00009401.
Read more: 7 Hot Meme Coins and Altcoins That Are Trending in 2024
This surge propelled WEN’s market capitalization to an initial $135 million, which has since adjusted to $95.8 million. Notably, trading data indicates substantial community activity surrounding the Solana-based meme coin.
Data from CoinMarketcap reveals that trading pairs linked to WEN, such as USDC/WEN and SOL/WEN, contributed to over 30% of the trading activity on Solana’s leading decentralized exchange, Jupiter.
What Is the WEN Meme Coin?
The community conceived WEN as a tribute to Weremeow and the prevalent crypto question of “when.”
Usually, “wen” shows anticipation for a token launch or the release of a new feature in the crypto space. On the other hand, the pseudonymous developer of Jupiter, Meow, wrote a fractionalized NFT poem that serves as the genesis of the WEN memecoin.
“I f*cking love wens. Wens mean you are wanted. Even if it is anon internet bros. Wens means they look forward to my sh*t. Even if some just want to dump my ass. Wens mean I am blessed enough to give. Even if most of them don’t give a damn. So to all you wen bros. I am sorry if I get pissed. Just like you to me. This annoyance is born from love. Yes I know you love me. Even if you don’t say it. So keep the wens coming. I will dance along. And you will play with me. Hopefully we will tango and. Wen forever more,” Meow wrote.
The project adopted a strategic distribution approach to its fixed supply of one trillion tokens. Specifically, it airdropped 70% of the tokens to eligible Jupiter users who actively traded a minimum of $5 volume between July 2023 and January 2024. Any tokens not claimed by January 29 will be burnt, according to the project’s official X handle.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Be the first to comment