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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/unexpected-market-reaction-altcoin-value-plummets-despite-significant-token-burn" rel="noopener noreferrer nofollow">Unexpected Market Reaction: Altcoin Value Plummets Despite Significant Token Burn</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/solanas-rally-and-technical-analysis-amidst-crypto-market-dynamics" rel="noopener noreferrer nofollow">Solana</a>-based memecoin Wen (WEN) investors were caught off guard when the cryptocurrency’s value declined sharply, despite the announcement of a massive token burn. The token burn was set to eliminate 27% of the total supply distributed via AirDrop, but contrary to expectations, WEN’s price plummeted.</p>
<p style="text-align: justify">Affected by a substantial sell-off attributed to a crypto whale, Wen’s price fell to its daily low of $0.0001218. At the time of reporting, the price had marginally recovered to $0.0001222, still 30% below the day’s peak. This drop occurred even though the memecoin announced a burn of all unclaimed tokens from the three-day AirDrop.</p>
<p style="text-align: justify">The price decline was a topic of intense discussion among anonymous crypto investors on Jupiter’s Discord server, which had facilitated the WEN AirDrop. Opinions were divided, with some expecting a quick recovery and others anticipating a continued downward trend.</p>
<h2 style="text-align: justify" id="strong-implications-for-jupiter-s-upcoming-airdrop-strong"><strong>Implications for Jupiter’s Upcoming AirDrop</strong></h2>
<p style="text-align: justify">The WEN token burn incident served as a precursor to “Jupuary,” a month-long event for Jupiter’s own major token AirDrop. Jupiter plans to distribute 40% of its JUP tokens to users on January 31, 2024, and the WEN AirDrop was considered a significant test for this upcoming event.</p>
<p style="text-align: justify">Weremeow, an anonymous co-founder of Jupiter, acknowledged the WEN AirDrop as a crucial stress test for their infrastructure. He also disclosed a mishap where 100 JUP tokens intended for the AirDrop were accidentally sent to an engineer’s wallet, which he described as a significant mistake rather than an ethical lapse.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/unexpected-market-reaction-altcoin-value-plummets-despite-significant-token-burn" rel="noopener noreferrer nofollow">Unexpected Market Reaction: Altcoin Value Plummets Despite Significant Token Burn</a></h5>

Unexpected Market Reaction: Altcoin Value Plummets Despite Significant Token Burn

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