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

Zameer Attar

Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.

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