The Wen meme coin on the Solana network experienced a significant price drop, falling over 30% from its daily high, following the announcement of a 27% supply burn.
This decline was largely influenced by a major sell-off from a whale trader, highlighting the event as a “sell the news” scenario.
Despite the substantial reduction in supply, the market had already anticipated this move, leading to a lackluster impact on the coin’s value.
Main Points:
- Price Drop: Wen meme coin’s value plummeted significantly after a large portion of its supply was burned.
- Whale Influence: A major sell-off by a whale trader significantly contributed to the coin’s price decline.
- Market Anticipation: Traders had already factored in the supply burn, resulting in minimal impact on the coin’s price.
- Community Reaction: In the Jupiter protocol’s Discord server, traders expressed disappointment over the ineffective burn.
- Project Prelude: The Wen burn was part of the preparations for Jupiter’s upcoming massive token airdrop.
Additional Information:
The Wen token’s price drop serves as a stark reminder of the volatile nature of meme coins and the unpredictable impact of supply changes.
The event was part of a larger initiative by the Jupiter protocol, which is gearing up for a significant token distribution to its users.
Despite the meticulous planning and anticipation, the Wen project faced a setback due to an accidental misplacement of tokens, underscoring the challenges and complexities inherent in cryptocurrency projects.
