JAKARTA - WEN, a meme coin developed on the Solana network, recorded an extraordinary trading volume on Raydium's decentralized exchange (DEX). In less than eight hours, the trade volume of WEN reached more than $55 million (Rp 869.8 billion), according to data from the Birdeye trading aggregator.
WEN Solana is the result of a collaboration between DEX aggregators on the Solana Jupiter Exchange blockchain network with Ovols, a standard tokenization platform that integrates non-fungible tokens (NFT) into decentralized finance (DeFi). WEN was created based on a poem written by one of the founders of Jupiter Exchange identified as Meow in December 2023.
The poem is a satire of the popular 'wen token' meme among crypto users, which shows their impatientness to get airdrops or free distribution of tokens from blockchain projects. The poem was later changed to NFT, which was broken down into one trillion parts by Ovols. Therefore, each WEN token is a small part of Meow's NFT poetry.
WEN Solana can be claimed for free by more than a million eligible wallets, from January 26 to January 29 via LFG Launchpad, a platform provided by Jupiter Exchange to launch new tokens. Each wallet entitled to receive 643,652 WEN tokens, which at the time of launch at 15.00 UTC, can be sold for around $35 (IDR 553,525).
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However, the price of WEN Solana did not last long at that level. According to Birdeye, the price of WEN jumped nearly 93% in the last four hours, reaching $0.0001232 (Rp 1.95) per token. This means that users who wait can sell their tokens and earn almost twice the profit of the traders who sell them immediately after the claim period begins.
Although $55 million (IDR 869.8 billion) may seem small when compared to the trading volume of crypto assets with a ten-digit market cap, it should be noted that WEN Solana has recorded nearly 503,000 trades in Raydium. This shows high interest and enthusiasm for this poetry-based memecoin.
WEN Solana was officially announced on January 25 through platform X, a social media platform focused on crypto content. WEN Solana is classified as a "community coin to give back and perpetuate the WEN culture."
The WEN phenomenon shows a strategic step in launching Jupiter Exchange governance tokens, which is $JUP, which is scheduled to be released on January 31. $JUP will be distributed free of charge to 942,000 eligible wallets, marking one of the largest airdrops in Solana's history.
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