There’s a brand new meme coin making waves on Solana, and following within the custom of surging Solana tokens like BONK and Dogwifhat (WIF), newcomer WEN is dominating the dialog following Friday morning’s airdrop for greater than one million wallets.
WEN was airdropped through decentralized trade (DEX) aggregator Jupiter as a large-scale take a look at of its new launchpad, which can be put to make use of once more subsequent week when Jupiter kicks off an airdrop for its personal token, JUP. Almost one million wallets are eligible for the long-awaited JUP drop.
However WEN went even broader, with greater than one million eligible Solana wallets—together with energetic Jupiter customers over the previous six months, holders of quite a lot of in style NFT tasks on the platform, and even house owners of the Solana Saga smartphone.
Every pockets can declare an airdrop of 643,652 WEN, which at its present worth of $0.00009095 is equal to over $58, per knowledge from CoinGecko. WEN has climbed in worth about 483% for the reason that Friday morning drop.
Different knowledge sources famous a short-lived pop in worth as excessive as $2,915, in response to CoinMarketCap, or $4,836 in response to Birdeye. Each websites present the present worth of WEN to be a roughly 100% drop in worth from these startling peaks.
These worth pops seem like outliers, however that didn’t cease Crypto Twitter from seizing on the chance to name out potential merchants who obtained “rekt” shopping for WEN for a whole lot or hundreds of {dollars} per token instantly after the drop, regardless of the worth shortly settling to a fraction of a penny.
However token costs can fluctuate wildly instantly after an airdrop, and meme cash are famously unstable even outdoors of a post-airdrop window, so such chaos is to be anticipated. No less than there’s a historical past of Solana meme cash (like these talked about earlier than) pumping in worth many hundreds of occasions over, so some WEN recipients could also be holding on within the hopes of an identical bounce.
The Solana community apparently held regular amid the immense demand for the drop, regardless of practically 118,000 wallets making an attempt to attach on the similar time, per knowledge from Solana Ground.
Nevertheless, the expertise wasn’t fully devoid of technical hitches. Phantom pockets reported “efficiency points” amid the early moments of the drop, and stated it could goal to ensure subsequent week’s JUP airdrop “goes easily.”
Edited by Ryan Ozawa.
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