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Following other Solana memecoins, WEN aims to immortalize a popular part of a crypto culture focused on timelines and milestones.
The WEN token has skyrocketed over 4,000% since its launch on January 26, surpassing a market cap of $50 million less than 12 hours after its debut in the Solana ecosystem. WEN was airdropped to users of the Jupiter decentralized exchange.
To claim the free tokens, Jupiter users must have traded at least $5 in volume between July 2023 and January. The six-month classification period ended at midnight UTC on January 19, when a snapshot was taken. According to the WEN launch page, tokens not claimed before January 29 will be burned.
WEN is inspired by a fractional nft poem written by a pseudonymous developer meow man, one of the minds behind the Jupiter exchange and other native Solana dapps like Meteora. The cryptocurrency is managed by the Ovals team and was launched via the Jupiter launchpad called LFG.
Of the trillion WEN supply, 70% was released to eligible users who can earn trading fees by providing liquidity. According to the project page, the idea is a community-supported salute to Weremeow and the common crypto question of when.
The term often refers to queries about when a token might be released or when a new feature might ship.
The launch of WEN comes ahead of an airdrop over Jupiter likely scheduled for the end of the month and follows a Solana memecoin frenzy towards the end of last year. Cryptocurrencies like BONK and dogwifhat were said to turn speculators into millionaires overnight.
Users bought with small capitals, sometimes turning a few dollars into thousands of dollars in profits.
Memecoin mania is synonymous with every crypto cycle and usually leads to a bull run. However, caution is advised when dealing with altcoins that rely on community speculation rather than proven utility.
