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Solana-based Meme Coin WEN Jumps 35% on Reports of Token Burn after Airdrop
The meme coin sector is witnessing strong activity with Solana-based WEN shooting by 35% in the last 24 hours. At press time, WEN is trading 35.33% up at $0.0001492 with its trading volume shooting by 73.67% to $122.85 million.
Interestingly, the WEN meme coin has even surpassed giants like Shiba Inu in daily trading volumes. Solana‘s vibrant ecosystem is abuzz with activity, especially with the recent WEN meme coin airdrop, designed to target over a million wallets.
WEN token, the newest meme coin on Solana, also serves as a test-run for Jupiter’s eagerly awaited airdrop. Interestingly, nearly half of the whitelisted wallets have successfully claimed their tokens at the time of this review.
Each qualifying wallet is entitled to receive the same quantity of WEN, totaling 643,652 tokens, approximately valued at $70. However, the price of this newly introduced meme coin is experiencing significant volatility. Despite this 35% runup in the last 24 hours, the WEN token price is still down 100% on the weekly chart.
A Look into WEN Meme Coin Airdrop
At the current market prices, participants of the WEN token airdrop seem to be forgoing potential gains of $39 million. While it’s unlikely that the WEN claims will stop immediately, a significant portion of WEN tokens may remain unclaimed as the three-day airdrop concludes. On-chain data suggests that this unclaimed figure could represent at least 17% of WEN’s total token supply, which stands at 1 trillion.
The final tally of claims will play a role in influencing WEN’s price, thereby impacting the meme coin’s overall supply. The creators of WEN initially minted 1 trillion tokens, designating 700 billion for the three-day airdrop. To address unclaimed tokens, they have committed to burning any airdrop-earmarked tokens left unclaimed by January 29.
The WEN airdrop is part of a series of wealth distribution initiatives on the Solana blockchain. They have extended the eligibility for airdrop to over 1 million wallets by holding various NFTs, possessing the Solana-themed Saga smartphone, or engaging in small-scale crypto trading on the Jupiter DEX aggregator.
With Jupiter’s upcoming JUP token airdrop scheduled for the next week, the WEN release serves as a testing ground for a range of airdrop technologies. It was introduced through Jupiter’s new “LFG Launchpad”, an airdrop claims portal equipped with services to facilitate trading new tokens in the market.
The WEN Token Burn
If the claim for the total airdrop holds true, a total of 175 billion WEN tokens would be ready for burning. However, if the claims rate continues to slow down, this number could be even higher.
CoinDesk derived these estimates by analyzing transaction data from the on-chain mechanism overseeing the WEN airdrop. At the time of assessment, the system had facilitated approximately 7,000 successful claims in the previous hour. While this rate is gradually decelerating, it is likely to continue falling further throughout the course of the airdrop.
Interestingly, the most active period for WEN token claims was at the outset of the airdrop. Airdrop participants inundated the distribution program with 225,000 claims transactions within the initial hour, resulting in significant fluctuations in its market on Meteora, the liquidity pool protocol developed by Jupiter.
The Jupiter team was aware of this surge in activity. WEN trading predominantly occurred in a pool on Meteora, a component of the market-making infrastructure facilitating token swaps on the Solana blockchain. The pool had been allocated 200 billion WEN tokens to bolster liquidity during the trading process.
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Solana-based Meme Coin WEN Jumps 35% on Reports of Token Burn after Airdrop
Source: https://www.coinspeaker.com/solana-meme-coin-wen-jumps-airdrop/