The launch of Solana’s WEN meme coin has been among the many greatest crypto tales of the previous couple of days, however the airdrop is already completed as of Monday morning—and lots of of billions of unclaimed tokens have been burned, considerably chopping the WEN provide.
WEN holders who claimed the tokens or purchased them from exchanges started dumping them en masse after the declare ended, sending the value plunging after a weekend of sizable positive factors that peaked early Monday.
The token value dropped 22% in an hour late Monday morning, in line with information from CoinGecko, with the largest dip coming within the minutes after the undertaking creators burned greater than 271 billion tokens—or $35 million price on the time.
That’s over 27% of the full token provide, representing practically 39% of the full airdrop allocation that wasn’t claimed earlier than the deadline. WEN’s airdrop declare ended Monday at 10am ET, as deliberate, which implies any tokens not claimed by eligible Solana customers have been completely faraway from circulation.
Chopping a token’s provide is commonly seen as a price-boosting measure, because the variety of circulating tokens is slashed, thus leaving much less accessible provide in the marketplace. On this case, the value has fluctuated sharply over the previous couple of hours between the token burn and WEN whales promoting amid the market insanity.
On the present value of $0.0001398, WEN is now flat on the day—and the value can be practically flat in comparison with the tip of the day on Friday, when it launched. WEN is now down 23% after setting an all-time excessive value of $0.0001808 early Monday morning.
Amid the WEN frenzy and a rise in Solana DeFi buying and selling quantity forward of Wednesday’s Jupiter (JUP) token airdrop, the value of SOL is up practically 8% immediately to a value over $101.
Edited by Ryan Ozawa.
Keep on high of crypto information, get day by day updates in your inbox.
