Is Solana’s Meme Coin WEN the New Shiba Inu? Traders Record Gains in Millions

The cryptocurrency market is abuzz with the latest sensation – WEN, a meme coin thriving on the Solana platform. Boasting a remarkable 30% surge, WEN’s daily trade has witnessed a substantial 42.64% increase, outpacing even the famed Shiba Inu. This surge has propelled WEN’s price to $0.0001454, causing ripples in the meme coin universe.

Here’s everything you need to know.

WEN’s Impressive Rally

While meme giants like Dogecoin dominate with an $11 billion market capitalization, others like Bonk and Shiba Inu experience fluctuations. In an unexpected turn, WEN has defied odds, shooting up by an impressive 46.44% in a single day. This surge, capturing attention despite a 100% drop the previous week, is making waves in the crypto community.

Community members came up with WEN as a salute to Weremeow and the common crypto question “when.” Most of the time, “wen” means excitement about the start of a cryptocurrency token or a new crypto feature.

Read More: Dogecoin or Shiba Inu: Which Memecoin Will Drop a Zero From Its Value First?

WEN’s Airdrop Strategy

Behind WEN’s surge lies a strategic airdrop within Solana’s ecosystem, targeting over a million wallets. As Solana’s decentralized exchange (DEX) Jupiter outperforms Ethereum-based Uniswap V3 in 24-hour trading volume, the airdrop strategy introduces volatility.

Simultaneously, WEN’s performance reflects a strategic move to expand the Solana ecosystem, drawing interest from traders influenced by recent market activities and specific coin developments.

Million-Dollar Moves

Blockchain investigator LookOnChain sheds light on a remarkable sequence of moves by a trader. The individual acquired 20 billion WEN tokens at launch for $125,500, promptly offloading 12.5 billion for $807,000, resulting in a substantial profit of $682,000 within a mere 14 hours. Despite this, the trader retains 7.6 billion WEN at an unrealized profit of $941,000. This financial feat aligns with WEN’s impressive 500% price increase within 24 hours, reaching a peak at $0.00013781 before retracing to $0.00009401.

Solana’s meme coin trend, boosted by significant 2023 rallies, continues to attract attention. Coins like BONK within Solana’s ecosystem have seen notable surges. LookOnChain also reported that a trader reportedly made around $6.9 million on BONK, showcasing the profitability within Solana’s memecoin space. Hence, the increasing interest in Solana’s meme-coins comes after its remarkable performance in recent months.

Also Read: Solana (SOL) Price All Set To Hit New ATH – Predicts Crypto Expert Raoul Pal