Solana

Discord

On Monday, the Solana-based WEN <a href="https://news.todayq.com/meme-coins-to-takeover-crypto-market-avalanche-drops-new-plan/" target="_blank" rel="noopener noreferrer nofollow">meme coin</a> witnessed a significant plunge in its price, dropping over 30% below its daily high. The sudden downturn was attributed to a sell-off initiated by a whale seller who exited their position shortly after 11:00 AM on the East Coast. The Wen burn 
The primary catalyst for this price movement was a “sell the news” event linked to the Wen project’s decision to burn 27% of the airdropped token’s supply. The project opted to burn all tokens that remained unclaimed during its three-day airdrop, concluding on Monday. Traders seemed to have already factored in the impact of the supply reduction, with the token trading well below its daily peak.
Pseudonymous crypto traders on the Discord server for Jupiter, the protocol facilitating the airdrop, were seen expressing their disappointment. One user, going by the name Sonofkarm, commented, “Wen burn has no effect on price. Moonbois in the mud.”
The Wen burn marked the conclusion of the prelude to “Jupuary,” a month dedicated to testing and preparation for Jupiter’s upcoming massive token airdrop. Jupiter, a trade routing protocol, is set to distribute 40% of its forthcoming JUP token to users on January 31. JUP co-founder’s take&nbsp; 
Reflecting on the Wen launch, Jupiter’s pseudonymous co-founder, Weremeow, acknowledged it as a fantastic test for the infrastructure that would soon distribute <a href="https://news.todayq.com/solana-based-jupiter-jumps-22-with-500-mln-trade-settlement/" target="_blank" rel="noopener noreferrer nofollow">JUP</a>. However, Weremeow admitted to a significant oversight, labeling it as “one big f***up.” The team accidentally stranded 100 tokens designated for airdrop in an engineer’s account, leading to an improper supply of these tokens to a trading pool.Weremeow clarified that this incident was not an ethical issue but rather a result of sheer “incredible dumbness.” 
As of the latest real-time update, the WEN token is trading at $0.0001321, experiencing a 6.84% decrease over the past day. In contrast, Solana’s native cryptocurrency, SOL, is currently priced at $102.48, reflecting a 5.43% increase in the last 24 hours. Despite the anticipation surrounding the token burn event, traders seemed unimpressed, contributing to the significant price drop.
The decision to burn a substantial portion of the token supply was aimed at managing the circulating WEN tokens effectively. However, the “sell the news” phenomenon, coupled with a whale seller’s exit, created a perfect storm that led to the sharp decline in WEN’s value.
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Solana jumps while WEN’s tumbles 30% over whales exit

Todayq News

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