Solana’s WEN memecoin nears $100m market cap following launch

Following other Solana memecoins, WEN aims to immortalize a popular part of a crypto culture centered on timelines and milestones.

The WEN token skyrocketed over 4,000% from launch on Jan. 26, racing above a $50 million market capitalization less than 12 hours after its debut on Solana’s ecosystem. WEN was airdropped to users of the decentralized exchange Jupiter.

To claim the free tokens, Jupiter users must have traded at least $5 in volume between July 2023 and January. The six-month qualification period ended at midnight UTC on Jan. 19 when a snapshot was taken. According to WEN’s launch page, tokens unclaimed by Jan. 29 will be burned.

WEN is inspired by a fractionalized NFT poem written by pseudonymous developer Weremeow, one of the minds behind Jupiter exchange and other Solana-native dapps like Meteora. The Ovals team manages the cryptocurrency and was launched via Jupiter’s launchpad platform dubbed LFG.