WEN, a Solana-based meme coin, has experienced a significant surge in value, jumping by 33.45% to $0.00014, according to CoinMarketCap. This increase in price has also propelled WEN’s market cap to $141.73 million, making it one of the fastest-growing meme coins on the Solana network.
The impressive growth of WEN can be attributed to its debut token launch on the Jupiter launchpad, a decentralized exchange on Solana. During the launch, Jupiter airdropped 643,652 WEN tokens to over a million Solana wallets, resulting in a flurry of activity surrounding the cryptocurrency.
One notable achievement for WEN is surpassing the trading volume of Shiba Inu (SHIB), another popular meme coin. WEN’s 24-hour trading volume reached $115.08 million, while SHIB could only boast $88.60 million, according to SolanaFloor.
The successful airdrop of WEN tokens is just one example of the rewards being distributed by Solana projects to their participants. Previous projects, such as Jito (JTO) and Pyth Network (PYTH), have also introduced airdrops to engage and incentivize their communities.
At present, 57.60% of the WEN tokens have been claimed, totaling 403.25 billion tokens. However, 42.40% of the tokens remain unclaimed, with a value of $41.14 million. To address this, the WEN team plans to burn the unclaimed tokens if they are not claimed by January 29.
Although some holders have chosen to sell their tokens, many WEN holders are refraining from selling in anticipation of further appreciation. This belief is supported by the potential impact of the token burn, which would reduce the token supply and potentially drive up demand and price.
In addition to WEN, Jupiter is preparing for the launch of its native token, JUP, on January 31. Similar to the WEN airdrop, many wallets will receive JUP as a reward for engaging with the Jupiter exchange.
The rise of WEN and the upcoming launch of JUP demonstrate the growing popularity of meme coins on the Solana network. As investors and users eagerly await the next developments, the meme coin market continues to offer exciting opportunities for those willing to participate.
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