Posted 1/29/2024, 8:32:09 PM
Solana Meme Coin Crash: WEN Token Plummets After 271B Burn
- Solana meme coin WEN launched airdrop, price fluctuated wildly over weekend before crashing Monday after unclaimed tokens were burned
- 271 billion WEN tokens (worth $35M at the time) were burned after airdrop claim period ended, cutting supply by over 27%
- Token burning seen as price-boosting measure by reducing circulation, but WEN price plunged as holders dumped tokens post-burn
- WEN price currently flat compared to Friday launch price after much volatility, down 23% from early Monday all-time high
- Frenzy over WEN and upcoming Jupiter airdrop drove Solana trading volume and SOL price up nearly 8% Monday to over $101