Solana: the collapse of the meme token WEN and the launch of JUP

The latest news from the Solana ecosystem sees the new meme token WEN registering a price drop yesterday, despite the news of the burning of 27% of its supply launched in an airdrop. 

At the same time, tomorrow there will be the launch of JUP, the token of the Jupiter project. 

Solana: WEN price drops by 28% despite burning 27% of its supply

WEN, the new Solana-based meme token, has recorded a price dump of -28% in 24 hours. At the time of writing, in fact, WEN is worth $0.00012, while 24 hours ago the price was $0.00017. 

However, WEN was launched with three days of airdrop concluded on Monday and the news of its supply burning, which amounted to 27%, doesn’t seem to have been appreciated that much.

From what has emerged, it seems that a crypto whale was responsible for triggering the price collapse of WEN, as they sold their tokens and exited the position.

This action seems to be part of the “sell the news” related to the decision of the Wen project to burn all the tokens not claimed during the airdrop. 

Anyway, the total market cap of WEN is now $76.6 million, with a trading volume in the last 24 hours equal to 36%. 

Solana: the WEN meme token as a “stress test” for the upcoming Jupiter (JUP) airdrop

The pseudonymous co-founder of Jupiter, Meow has unleashed on X to comment on the situation of WEN. 

In practice, in a tweet, Meow stated that the launch of WEN represented a stress test for the same infrastructure that will soon distribute JUP.

Another tweet from Meow, he releases his statements about what he is doing:

“When I say that I will experiment, mess up, learn, and perform autopsies in production and in real time? I’m serious.”

Anyway, after this month of testing, there will be a massive token airdrop by Jupiter. The commercial routing protocol will distribute 40% of the JUP tokens to its users on January 31st.

“Waiting for the launch of JUP? Take a seat and have a look at some recent interviews with @weremeow and @sssionggg as the team prepares the cake for you”

Project Jupiter and the price of SOL

It was mid-January when the decentralized exchange aggregator Jupiter announced the launch of its governance token JUP, precisely for tomorrow.

At the same time, the project had announced the initial distribution through an airdrop, involving almost one million crypto wallets in the first phase. 

Overall, Jupiter will distribute 4 billion tokens, equivalent to 40% of the total supply of 10 billion JUP, in four phases. Remaining in this first phase that will start tomorrow, the release of one billion Jupiter tokens will go to 955,000 eligible users, who have made a swap volume on the protocol of at least $1000 by November 2nd.

While WEN has decreased in price in the last 24 hours, SOL has instead recorded a price pump of +8%. Not only that, in the last week, the price of SOL has increased by +30%. 

At the time of writing, in fact, SOL is worth $104.5. Another significant data for the Solana blockchain is the trading volume recorded in the last 24 hours, which is 66%.