Crypto News– On January 25th, weremeow, the anonymous founder of the Solana DeFi platform Jupiter Crypto Exchange, announced the launch of $WEN, a meme token aimed at rewarding users who have been active on the app for the past six months.
Jupiter Crypto Exchange Unveils WEN through its Latest Token Launchpad
In a post on X, weremeow mentioned that Jupiter Crypto would also reward active Jupiter Crypto users from the last six months, as well as holders of several top NFT collections, Ovols holders, and Genesis Saga holders. The Solana-based $WEN is unique in that 70 percent of it will be distributed to over a million wallets. It has a trillion tokens, each representing fractionalized pieces of weremeow’s first NFT—a playful nod to the people in Jupiter’s Discord community who were constantly asking about the “when token.”
Explaining the token’s origin in a detailed announcement, weremeow said, “Last month, as a tribute to all the WEN bois in my discord, DMs and my face asking about wen airdrop and wen free token and wen I will do something, I did the only thing a rational, highly stressed founder would do and wrote a love letter to all of them.“
The community warmly received this love letter in the form of a lighthearted poem by weremeow. It conveyed the message that the constant demand for a token is a positive sign for the team. “Wen means you are wanted,” read one line of the poem. This sentiment resonated with the Jupiter Exchange community in their Discord server.
Inspired by this response, weremeow realized that the constant “wen” queries were an integral part of the crypto market’s dynamics. This led him to embed the essence of his poem into Jupiter’s much-anticipated token by fractionalizing an NFT of his poetry. With the help of Ovols, a team that tokenizes NFTs for DeFi, Jupiter Crypto released $WEN under a new token standard that allows anyone to fractionalize NFTs into fungible tokens.
Although Jupiter Crypto is a fractionalized NFT and offers partial ownership in weremeow’s poem, it will function and trade like other fungible tokens on Solana. Eligible users can claim their $WEN starting from 10 am ET on January 26th.
Solana Meme Coin $WEN Airdrop Ignites Excitement, Aiming for One Million Wallets
A new sensation has emerged in the realm of Solana’s meme coins, with WEN quickly rising to prominence alongside other notable tokens like BONK and Dogwifhat (WIF). The frenzy surrounding WEN intensified following Friday morning’s airdrop to over a million wallets, marking a significant milestone in its journey. This airdrop, facilitated through the decentralized exchange (DEX) aggregator Jupiter, served as a large-scale trial for its newly developed launchpad, set to be utilized again for Jupiter’s upcoming token airdrop, JUP, which has been eagerly anticipated by nearly a million wallets.
However, WEN’s reach extended far beyond, encompassing over a million eligible Solana wallets. These included active Jupiter users from the past six months, holders of various popular NFT projects on the platform, and even owners of the Solana Saga smartphone. Each eligible wallet had the opportunity to claim an airdrop of 643,652 WEN tokens, translating to over $58 at the current price of $0.00009095, as per CoinGecko data. Since the Friday morning drop, WEN’s price has surged approximately 483%.
Although some data sources reported brief price spikes reaching as high as $2,915 (according to CoinMarketCap) or $4,836 (according to Birdeye), both platforms now indicate a substantial drop in value from these peak levels, by approximately 100%.
While such price fluctuations may be considered outliers, they did not escape the attention of Crypto Twitter, which promptly seized the opportunity to highlight instances of potential traders experiencing significant losses (“rekt”) after purchasing WEN for hundreds or thousands of dollars per token immediately after the drop, only to witness the price quickly plummet to a fraction of a penny.