- January 29, 2024
- Posted by: [email protected]
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In a strategic move to test its new launchpad, decentralized exchange (DEX) aggregator Jupiter orchestrated a massive airdrop of the recently launched meme coin ‘WEN’ to over one million wallets. The event, which unfolded on a Friday morning, has since become a focal point in the crypto community, capturing the attention of both seasoned investors and newcomers alike.
Jupiter, not content with the WEN airdrop, is poised to continue its airdrop spree in the coming week, featuring its native token ‘JUP.’ The anticipation among nearly a million eligible wallets is palpable, as participants eagerly await their share of the tokens.
Unlike typical airdrops, the WEN distribution stood out due to its extensive eligibility criteria. Beyond the active Jupiter users from the past six months, eligibility extended to holders of various popular NFT projects on the platform and even owners of the Solana Saga smartphone. Each qualifying wallet had the opportunity to claim an airdrop of a substantial 643,652 WEN tokens.
At the current market value of $0.00009095 per token, the airdrop translated into a value exceeding $58 per eligible wallet, according to CoinGecko. Post-airdrop, WEN’s market price witnessed a staggering surge of approximately 483%, with reported peaks at $2,915 (CoinMarketCap) and $4,836 (Birdeye). However, the current trading value indicates a significant decrease from these zeniths, with WEN now trading at a fraction of a penny.
The volatile nature of token prices, especially during and immediately after an airdrop, is well-documented. Meme coins, in particular, are notorious for their unpredictable price swings. Despite the initial turbulence, historical trends in the Solana ecosystem suggest that meme coins like WEN could potentially mirror the surges witnessed by popular tokens such as BONK and Dogwifhat (WIF). Over the past year, BONK has observed a remarkable 1,000% gain, while WIF surged by more than 110% in just the last month, according to CoinMarketCap.
While the airdrop generated immense demand, with approximately 118,000 wallets attempting simultaneous connections, technical issues were reported, primarily by Phantom wallet users. The Phantom team promptly reassured users of the importance of addressing these challenges to guarantee a smoother experience during the upcoming JUP airdrop.
Solana’s recent accomplishments continue to underscore its prominence in the crypto landscape. Having surpassed Ethereum in 7-day stablecoin trading volume, with a staggering $103 billion recorded last week, Solana has solidified its position as a leading blockchain network. In addition to stablecoin trading, Solana also outperformed Ethereum in NFT trade volume for December, marking yet another milestone in its rapid ascent within the crypto ecosystem.
