Solana meme coin breaks $55 million trading volume in 8 hours

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Solana’s memecoin WEN trading volume surpassed $55 million in less than eight hours, figures from trading data aggregator Birdeye show. WEN is available for claim from January 26 to January 29 on LFG Launchpad from decentralized exchange Jupiter, and more than one million wallets are eligible to receive 643,652 tokens each.

At 3 pm UTC, which was the time of launch, the total amount of WEN distributed to eligible wallets could be sold at around $35. According to Birdeye, WEN price jumped almost 93% in the last four hours, which means that users who waited can sell the token and profit almost two times more than traders who sold right after the start of the claim period.

Although $55 million may seem like a fairly small amount when compared to the trading volumes of crypto assets with 10-digit market caps, it is worth noting that WEN’s price is $0.0001232 at the time of writing, with almost 503,000 trades. WEN was teased in a January 22 post on X (formerly Twitter) and officially revealed on January 25.

WEN is a meme coin created after a poem published by Jupiter’s co-founder identified as Meow on December 2023, and is classified as “a community coin to give back and immortalize WEN culture.”

Meow’s post mocks the meme ‘wen token’ that gained traction as the number of users hunting airdrops rose, all too excited to get rewarded and asking when native tokens from decentralized applications and blockchains would be distributed.

The poem became a non-fungible token (NFT), which was divided into one trillion pieces by Ovols, a tokenization standard that integrates NFTs into decentralized finance (DeFi). Therefore, each WEN token is a fraction of Meow’s tokenized poem.

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