A trader listed this new Solana meme coin for $1.60 million.

Solana welcomed the arrival of a new meme coin called WEN. This digital asset generated huge community demand after it was distributed to more than one million wallets.

Much to WEN's delight, the savvy trader successfully amassed a profit of nearly $1.60 million in just 14 hours.

Solana Meme coin merchant won

Blockchain researcher LookOnChain revealed that the trader initially bought 20 billion WEN tokens for $125,500. Subsequently, the trader strategically unloaded 12.5 billion WEN for $807,000, making an impressive profit of $682,000.

Despite this high sales, the trader still holds 7.6 billion WEN with an undisclosed profit of $941,000.

This profit realization coincides with a dramatic increase in the price of meme coin within 24 hours. According to CoinGecko, the WEN token has experienced an extraordinary 500% price increase since its launch on January 26th, peaking at $0.00013781 before returning to $0.00009401.

Read more: 7 Hot Meme Coins and Altcoins Trending in 2024

This increase raised WEN's market capitalization to an initial $135 million, which was later adjusted to $95.8 million. Specifically, transaction data indicates a high level of community activity around the Solana-based meme coin.

According to data from CoinMarketcap, WEN-related trading pairs such as USDC/WEN and SOL/WEN contributed more than 30% of trading activity on Solana's leading decentralized exchange Jupiter.

What is WEN Meme Coin?

The community conceived of WEN for the common and common “when” question.

Usually, “Wen” indicates a token launch or a pending release of a new feature in the crypto space. On the other hand, the developer of the Jupiter simulator, Meow, wrote a fractional NFT poem that served as the genesis of the WEN memecoin.

“I love Wens. Wens means you're wanted. Anon is the internet though bros. Wens mean you look forward to my sh*t. Even if some want to dump my ass. Wens means I'm blessed enough to give. Even though most don't give anything. So Wens to all of you. Brother. I'm sorry if I'm angry. Just like you to me. This frustration is born of love. Yes, I know you love me. Even if you don't say it. So let the birds come. I'll dance with you. And you'll play with me. Hopefully we can tango and. Wen forever more,” Meow wrote.

The project has adopted a strategic distribution method for its fixed supply of one trillion tokens. In particular, 70% of the token was lost to Jupiter users who actively bought at least $5 between July 2023 and January 2024. Unclaimed tokens will be burned on January 29, according to the project's official X handle.