Solana has welcomed the emergence of a brand contemporary meme coin known as WEN. This digital asset generated valuable team hobby after being disbursed to over a million wallets.
Capitalizing on WEN’s heightened excitement, a savvy trader efficiently gathered roughly $1.60 million in profits within 14 hours.
Solana Meme Coin Trader Wins
Blockchain investigator LookOnChain disclosed that the trader at the origin purchased 20 billion WEN tokens at the launch for $125,500. Attributable to this reality, the trader strategically offloaded 12.5 billion WEN for $807,000, raking in a formidable income of $682,000.
Despite this colossal sale, the trader aloof holds 7.6 billion WEN at an unrealized income of $941,000.
This income realization coincides with a outstanding surge in the meme coin’s price within 24 hours. Per CoinGecko, the WEN token experienced an unheard of 500% mark amplify since its launch on January 26, peaking at $0.00013781 sooner than retracing to $0.00009401.
Read more: 7 Scorching Meme Cash 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. Particularly, trading recordsdata signifies colossal team activity surrounding the Solana-primarily based meme coin.
Files from CoinMarketcap finds that trading pairs linked to WEN, reminiscent of USDC/WEN and SOL/WEN, contributed to over 30% of the trading activity on Solana’s main decentralized alternate, Jupiter.
What Is the WEN Meme Coin?
The team conceived WEN as a tribute to Weremeow and the prevalent crypto ask of “when.”
Typically, “wen” reveals anticipation for a token launch or the launch of a brand contemporary feature in the crypto dwelling. On the other hand, the pseudonymous developer of Jupiter, Meow, wrote a fractionalized NFT poem that serves because the genesis of the WEN memecoin.
“I f*cking cherish wens. Wens mean you are wished. Despite the undeniable reality that it is anon web bros. Wens components they explore forward to my sh*t. Despite the undeniable reality that some correct desire to dump my ass. Wens mean I am blessed sufficient to give. Despite the undeniable reality that most of them don’t give a rattling. So that you just would possibly per chance all you wen bros. I am sorry if I salvage pissed. Factual reminiscent of you to me. This annoyance is born from cherish. Sure I do know you cherish me. Despite the undeniable reality that you just don’t recount it. So grab the wens coming. I’ll dance along. And also it’s possible you’ll presumably play with me. Confidently we can tango and. Wen forever more,” Meow wrote.
The challenge adopted a strategic distribution technique to its mounted provide of one trillion tokens. Particularly, it airdropped 70% of the tokens to eligible Jupiter users who actively traded no lower than $5 volume between July 2023 and January 2024. Any tokens no longer claimed by January 29 shall be burnt, in accordance with the challenge’s legit X take care of.
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