WEN On Solana Airdrops Its Way To A $150 Million Valuation, Trader Makes $1.6M Buying Early

Thanks to a generous airdrop campaign, a Solana (CRYPTO: SOL) memecoin called Wen (CRYPTO: WEN) exploded to more than $150 million in market capitalization within the first three days of trading.

What Happened: Wen is currently being airdropped to over a million users, with the claim window open to users on Solana's Jupiter (CRYPTO: JUP) exchange, Solana Saga phone owners and owners of certain Solana-based NFT projects until the morning of Jan.30.

At the time of writing, 59% of the airdrop has been claimed, based on Dune data.

The WEN airdrop follows Solana's biggest decentralized exchange aggregator, Jupiter, planning an airdrop of JUP tokens on Jan. 31. The token’s first airdrop is open to 955,000 eligible users who met the $1,000 swap volume requirement by the snapshot date in November 2023.

Why It Matters: In the first three days of trading, Wen’s market cap of $150.9 million has already managed to surpass another Solana memecoin, Myro (CRYPTO: MYRO), which has a market cap of $132 million.

Crypto market analyst Julius Elum tweeted, “I'm considering adding $WEN as the Solana top meme into my Top 10 meme holding.”

He noted the pump was "mad," and the community was "growing massively."

In a separate tweet, he highlighted eight Solana memes for a February pump for an easy 20 times profit. Myra, Solama, Wynn, Bork, Ponke, Silly, Popcat and Popdog are part of his list.

Also Read: This Is Solana's New Dogcoin Superstar: From Zero To Over $100M Market Cap In 60 Days

Rags To Riches: Lookonchain data reported a trader who accumulated more than $1.6 million in gains after jumping on the Wen bandwagon. Immediately after Wen opened for trading, the unknown trader spent 125,500 USDC to buy 20 billion Wen and later sold 12.5 billion Wen for 807,000 USDC leading to a profit of $682,000.

In just 14 hours, this trader made over $1.6M trading #MEME coin $WEN!😱

He spent 125.5K $USDC to buy 20B $WEN when $WEN opened trading, and sold 12.5B $WEN for 807K $USDC, realizing a profit of $682K.

And currently holds 7.6B $WEN($941K), with an unrealized profit of $941K. pic.twitter.com/0adU5BzGSv

— Lookonchain (@lookonchain) January 27, 2024

Read Next: Solana's Memecoin Puppy Myro Clocks 48% Daily Gain: 'Could Flip BONK' Says Crypto Expert

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