Solana's WEN Token Plummets Despite Burning 27% of Supply
The Wen meme coin experienced a significant price drop as traders evaluated the impact of burning 27% of the airdropped token's supply. The Solana-based token fell over 30% below its daily high due to a large sell-off by a whale seller. This was linked to the Wen project's decision to burn all unclaimed tokens from its three-day airdrop, reducing the supply by over 270 billion tokens. The Wen burn was part of the preparations for "Jupuary," a month of testing and preparation for Jupiter's own massive token airdrop. Jupiter plans to distribute 40% of its upcoming JUP token to its users on January 31. The Wen launch served as a stress test for the infrastructure that will distribute JUP. However, there was an error when 100 tokens marked for airdrop were accidentally stranded in an engineer's account and improperly supplied to a trading pool.
