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Solana’s WEN memecoin nears $100m market cap following launch

solanas-wen-memecoin-nears-100m-market-cap-following-launch
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Solana’s WEN memecoin nears $100m market cap following launch

Following other Solana memecoins, WEN aims to immortalize a popular part of a crypto culture centered on timelines and milestones.

The WEN token skyrocketed over 4,000% from launch on Jan. 26, racing above a $50 million market capitalization less than 12 hours after its debut on Solana’s ecosystem. WEN was airdropped to users of the decentralized exchange Jupiter.

To claim the free tokens, Jupiter users must have traded at least $5 in volume between July 2023 and January. The six-month qualification period ended at midnight UTC on Jan. 19 when a snapshot was taken. According to WEN’s launch page, tokens unclaimed by Jan. 29 will be burned.

WEN is inspired by a fractionalized NFT poem written by pseudonymous developer Weremeow, one of the minds behind Jupiter exchange and other Solana-native dapps like Meteora. The Ovals team manages the cryptocurrency and was launched via Jupiter’s launchpad platform dubbed LFG. 

https://twitter.com/weremeow/status/1738590330805719289?s=20

Of WEN’s one trillion supply, 70% was airdropped to eligible users who can earn trading fees by providing liquidity. Per the project’s page, the idea is a community-backed salute to Weremeow and the common crypto question of when. 

The term often refers to inquiries regarding when a token might launch, or a new feature might be shipped.  

WEN’s launch comes ahead of a Jupiter airdrop likely slated for month’s end and follows a frenzy of Solana memecoins toward the end of last year. Cryptos like BONK and dogwifhat were said to turn speculators into overnight millionaires. 

Users bought in with small-sized capitals, sometimes turning a few bucks into thousands of dollars in profits. 

Memecoin mania is synonymous with each crypto cycle, usually leading into a bull run. However, caution is advised when dealing with altcoins dependent on community speculation rather than proven utility.