Solana’s Meme Coin WEN Skyrockets; Trader Nets $1.6 Million Gain in 14 Hours

The post Solana’s Meme Coin WEN Skyrockets; Trader Nets $1.6 Million Gain in 14 Hours appeared first on Coinpedia Fintech News

The crypto world is buzzing with new projects, and one trend taking the spotlight is meme coins. The Solana-based meme coin WEN has witnessed a remarkable 30% surge, marking a 42.64% increase in daily trade. Surpassing Shiba Inu in 24-hour trading volume, WEN’s price surged to $0.0001454, creating a storm in the meme world.

While the top meme coins like Dogecoin remain the largest meme coin with a market capitalization of over $11 billion, other coins like Bonk and Shiba Inu have experienced fluctuations. Surpassing all, WEN has skyrocketed by 46.44% in a day, attracting attention despite a 100% drop over the previous week. The 24-hour trading volume for WEN reached $120 million, indicating significant trader interest, possibly driven by recent market activities or specific coin developments.

Are you interested in this new meme craze? Let’s dive in.

Understanding WEN: A Meme Salute

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.

Why WEN and Solana’s Ecosystem Surging

WEN’s surge is linked to an airdrop strategy within Solana’s ecosystem, aiming to reach over a million wallets. The Solana network has been active, with the decentralized exchange (DEX) Jupiter outperforming Ethereum-based Uniswap V3 in 24-hour trading volume. The airdrop activity has introduced volatility, and at the same time, WEN’s performance reflects a quest to expand the Solana ecosystem.

According to the Blockchain investigator, LookOnChain reports a trader bought 20 billion WEN tokens at the launch for $125,500 and then offloaded 12.5 billion for $807,000, resulting in a profit of $682,000 within 14 hours. However, the trader still holds 7.6 billion WEN at an unrealized profit of $941,000. This profit coincides with a 500% price increase in the meme coin’s value within 24 hours, peaking 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.