Solana-Based Memecoin ‘WEN’ Surpasses Shiba Inu in Trading Volumes on Jupiter DEX

Key Takeaways:

• WEN’s Meteoric Rise: Solana-based memecoin Wen price has surged by an impressive 42.64%, surpassing Shiba Inu in 24-hour trading volume.
• Jupiter’s Dominance: Solana-based decentralized exchange Jupiter has recorded an astounding $480 million in trading volume within 24 hours, outperforming Ethereum-based Uniswap V2 and V3 amid the rally in Wen memecoin.
• WEN’s Airdrop Strategy: WEN’s significant trading volumes coincide with Solana’s ecosystem activity, particularly the Wen meme coin airdrop aimed at over a million wallets. This strategy aligns with a broader initiative to expand Solana’s ecosystem, with Jupiter’s performance exemplifying its vibrancy.
• Anticipation for JUP Airdrop: The crypto market excitement around WEN and Jupiter precedes the forthcoming airdrop of Jupiter’s native token JUP, scheduled for January 31, 2024. The experiment with Wen has heightened anticipation for the JUP airdrop, with pre-market JUP tokens trading at approximately $0.61.
• Broader Trend of Airdrops: The fervor surrounding WEN and JUP reflects a larger trend of airdrops in the crypto ecosystem. As various projects announce airdrops, including AltLayer’s $100 million offering, the crypto community is witnessing increased activity and engagement. Solana’s growing influence is evident in its vibrant ecosystem and competitive trading volumes.

The Solana-based meme coin Wen price (WEN) has experienced a remarkable surge, boasting a 42.64% increase in daily trade. Trading under the ticker WEN, it has outpaced the well-known Shiba Inu ($SHIB) in terms of 24-hour trading volume, reaching a price of $0.0001454. This surge aligns with the current wave of excitement in the meme coin sector.

Top Meme Coins Overview

Despite a 5.10% decrease in the past week, Dogecoin (DOGE) remains the largest meme coin with a market capitalization exceeding $11 billion. In contrast, Bonk (BONK) and Shiba Inu (SHIB) have seen fluctuating values, with BONK gaining 3.76% weekly and SHIB experiencing a 2% dip.

Wen stands out with a remarkable 46.44% surge in a day, despite a significant 100% drop in the previous week, drawing attention to its volatile nature.

Read more: Best Memecoins 2024

WEN’s Trading Volume and Airdrop Frenzy

WEN has witnessed substantial 24-hour trading volumes, surpassing $120 million, indicating heightened trader interest. This surge may be attributed to recent market activities or specific developments related to the coin.

Solana’s ecosystem, particularly with the Wen meme coin airdrop targeting over a million wallets, has contributed to the increased activity. Despite introducing notable price volatility, Wen’s airdrop aligns with a broader initiative to expand the ecosystem, coinciding with the exceptional performance of the decentralized exchange (DEX) Jupiter. WEN tokens were airdropped to Solana wallets that interacted with the Jupiter DEX at any time in the past six months.

The Wen coin was airdropped to any Solana wallet that had interacted with Jupiter in the last 6 months | Source: Wen / CoinTelegraph

Jupiter’s Ascendancy and Memecoin Frenzy

Jupiter, a Solana-based DEX, has dominated trading charts with a staggering $480 million in the last 24 hours. This surge is attributed to a frenzy for the new memecoin airdrop and increased stablecoin swaps. Notably, Jupiter has outperformed Ethereum-based Uniswap V2 and V3 protocols by $10 million, showcasing Solana’s growing influence.

Over $50 million of Jupiter’s daily trading volume involved trading the memecoin “Wen.” This coin was airdropped to Solana users who had interacted with Jupiter in the last six months, adding to the ecosystem’s vibrant activity.

Market Excitement and Future Prospects

The market enthusiasm surrounding WEN and Jupiter precedes the much-anticipated airdrop of Jupiter’s native token JUP, scheduled for launch on January 31. The experiment with Wen has triggered anticipation for JUP’s airdrop, with pre-market JUP tokens currently trading at around $0.61.

The overall excitement in the market, fueled by WEN and JUP, aligns with a broader trend of airdrops announced by various projects in the crypto ecosystem. As Solana’s ecosystem continues to thrive, the community eagerly anticipates the unfolding developments and the impact on the broader meme coin sector.

Source: U.Today / CoinTelegraph

Read more: Shiba Inu Price Prediction