Solana: WEN Price Drops Despite Supply Burning
The new meme token on the Solana blockchain, WEN, experienced a price drop of 28% in just 24 hours. Currently valued at $0.00012, WEN’s price was $0.00017 a day ago. This decrease occurred despite the burning of 27% of its supply during an airdrop. It appears that a crypto whale played a significant role in triggering the price collapse by selling their tokens and exiting their position. However, WEN still has a total market cap of $76.6 million and a trading volume of 36% in the last 24 hours.
Solana: WEN as a Stress Test for Jupiter Airdrop
Meow, the pseudonymous co-founder of Jupiter, commented on the situation with WEN and stated that its launch served as a stress test for the upcoming JUP token distribution. After this testing phase, Jupiter will conduct a massive token airdrop on January 31st, distributing 40% of the JUP tokens to its users. Meow emphasized their commitment to learning and experimenting in real-time to improve their infrastructure.
Project Jupiter and SOL Price Increase
Jupiter had previously announced the launch of its governance token JUP, which will take place tomorrow. The project also initiated an airdrop involving nearly one million crypto wallets. In total, Jupiter will distribute 4 billion tokens (40% of the total supply) in four phases. The first phase will distribute one billion JUP tokens to eligible users who have conducted at least $1000 worth of swap volume on the protocol by November 2nd.
While WEN’s price dropped, SOL, the native cryptocurrency of Solana, experienced an 8% price increase in the last 24 hours and a 30% increase over the past week. SOL is currently valued at $104.5, and Solana’s trading volume in the last 24 hours is at 66%.
Hot Take: WEN Price Drop and Jupiter’s Airdrop
The recent price drop of the WEN meme token on Solana has raised concerns among investors. Despite burning a significant portion of its supply, WEN experienced a decline in value. This may be attributed to a crypto whale’s selling activity. However, the upcoming Jupiter token airdrop provides an opportunity for redemption as it aims to distribute 40% of JUP tokens to users. The success of this airdrop will test Jupiter’s infrastructure and potentially impact the value of its governance token. Meanwhile, SOL, Solana’s native cryptocurrency, continues to show strength with an increase in price and trading volume.
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