Solana Memecoin WEN Up 33%, Flips SHIB’s Volume After Massive Airdrop

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  • WEN’s value hit $0.00014— a notable increase from its launch price.
  • About 42.40% of eligible wallets have yet to claim the WEN airdrop.
  • WEN might trade higher as the team plans to burn the unclaimed tokens.

WEN, a Solana-based meme coin has seen its value jump by 33.45% to $0.00014, according to data from CoinMarketCap. Like the price, WEN’s market cap had also risen to $141.73 million at press time, making the cryptocurrency one of the fastest-growing meme coins on Solana.

WEN took off a debut token for the Jupiter launchpad. For the uninformed, Jupiter is a decentralized exchange on Solana. In introducing the launchpad, the exchange airdropped 643,652, WEN tokens each to over a million Solana wallets.

WEN Surpasses SHIB’s Volume

When the token launched, the market cap was about $54.6 million. So, the recent increase suggested that while eligible wallets for the airdrop might have sold, others were buying them.

As a result of this high activity, WEN’s 24-hour trading volume flipped that of Shiba Inu (SHIB). According to SolanaFloor, WEN’s trading volume jumped to $115.08 million. SHIB, on the other hand, could only boast of $88.60 million.

The WEN airdrop marks one of many rewards that Solana projects have been giving to participants. For instance, there was Jito (JTO) airdrop a few months back. Before that, Pyth Network (PYTH) was also distributed to its community. 

As of this writing, Coin Edition assessed Dune Analytics to confirm how many WEN tokens have been claimed. According to the blockchain-query platform, 57.60% of the tokens have been claimed.

This represents a total of 403.25 billion tokens. However, 42.40% of the tokens remain unclaimed. At press time, the values of these tokens were worth $41.14 million. 

WEN Metrics (Source: Dune Analytics)

The Token Burn Is Next

If these tokens are unclaimed by the end of January 29, the WEN team plans to burn them. This would make the tokens inaccessible to the eligible addresses who failed to claim.

Regardless of how it goes, the above data showed that there were 322,716 WEN holders. Some of these holders were not eligible for the airdrop while others had claimed and decided not to sell.

Furthermore, Coin Edition found that the reason some of these holders were not selling was because of the potential that the token could continue to appreciate. 

Also, this school of thought could be linked to the fact that the token burn would reduce the supply. In turn, demand for WEN might increase exponentially while the price surges. 

Besides WEN, Jupiter plans to launch its native token on January 31, with the ticker as JUP. Like the meme coin, many wallets are to receive JUP as an airdrop for interacting with the exchange.

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