Solana has welcomed the emergence of a new meme coin called WEN. This digital asset generated significant community interest after being distributed to over a million wallets.
Capitalizing on WEN’s heightened excitement, a savvy trader successfully amassed approximately $1.60 million in profits within 14 hours.
Solana Meme Coin Trader Wins
Blockchain investigator LookOnChain disclosed that the trader initially purchased 20 billion WEN tokens at the launch for $125,500. Subsequently, the trader strategically offloaded 12.5 billion WEN for $807,000, raking in an impressive profit of $682,000.
Despite this substantial sale, the trader still holds 7.6 billion WEN at an unrealized profit of $941,000.
This profit realization coincides with a remarkable surge in the meme coin’s value within 24 hours. According to CoinGecko, the WEN token experienced an extraordinary 500% price increase since its launch on January 26, peaking at $0.00013781 before retracing to $0.00009401.
Read more: 7 Hot Meme Coins and Altcoins That Are Trending in 2024
This surge propelled WEN’s market capitalization to an initial $135 million, which has since adjusted to $95.8 million. Notably, trading data indicates substantial community activity surrounding the Solana-based meme coin.
Data from CoinMarketcap reveals that trading pairs linked to WEN, such as USDC/WEN and SOL/WEN, contributed to over 30% of the trading activity on Solana’s leading decentralized exchange, Jupiter.
What Is the WEN Meme Coin?
The community conceived WEN as a tribute to Weremeow and the prevalent crypto question of “when.”
Usually, “wen” shows anticipation for a token launch or the release of a new feature in the crypto space. On the other hand, the pseudonymous developer of Jupiter, Meow, wrote a fractionalized NFT poem that serves as the genesis of the WEN memecoin.
“I f*cking love wens. Wens mean you are wanted. Even if it is anon internet bros. Wens means they look forward to my sh*t. Even if some just want to dump my ass. Wens mean I am blessed enough to give. Even if most of them don’t give a damn. So to all you wen bros. I am sorry if I get pissed. Just like you to me. This annoyance is born from love. Yes I know you love me. Even if you don’t say it. So keep the wens coming. I will dance along. And you will play with me. Hopefully we will tango and. Wen forever more,” Meow wrote.
The project adopted a strategic distribution approach to its fixed supply of one trillion tokens. Specifically, it airdropped 70% of the tokens to eligible Jupiter users who actively traded a minimum of $5 volume between July 2023 and January 2024. Any tokens not claimed by January 29 will be burnt, according to the project’s official X handle.