The launch of Solana’s WEN meme gold coin continues to be one of the greatest crypto tales from the last couple of days, however the airdrop has already been finished by Monday morning—and countless vast amounts of unclaimed tokens were burned, substantially cutting the WEN supply.
WEN holders who claimed the tokens or bought them from exchanges started dumping them en masse following the claim ended, delivering the cost plunging following a weekend of sizable gains that peaked early Monday.
The token cost dropped 22% within an hour late Monday morning, based on data from CoinGecko, using the greatest dip arriving the minutes following the project creators burned greater than 271 billion tokens—or $35 million worth at that time.
That’s over 27% from the total token supply, representing nearly 39% from the total airdrop allocation that wasn’t claimed prior to the deadline. WEN’s airdrop claim ended Monday at 10am ET, as planned, meaning any tokens not claimed by qualified Solana users were permanently taken off circulation.
Cutting a token’s supply is frequently seen as an cost-boosting measure, as the amount of circulating tokens is slashed, thus departing less available supply available on the market. Within this situation, the cost has fluctuated dramatically during the last couple of hrs between your token burn and WEN whales selling among the marketplace madness.
In the current cost of $.0001398, WEN has become flat around the day—and the cost can also be nearly flat when compared to finish during the day on Friday, if this launched. WEN has become lower 23% after setting an exciting-time high cost of $.0001808 early Monday morning.
Among the WEN craze along with a increase in Solana DeFi buying and selling volume in front of Wednesday’s Jupiter (JUP) token airdrop, the cost of SOL expires nearly 8% right now to a cost over $101.
Edited by Ryan Ozawa.
