More and more projects on the Solana blockchain are seriously competing with traditional leaders on Ethereum. Decentralized exchange (DEX) Jupiter has seen a significant surge in trading volumes, exceeding $480 million in the last 24 hours.
The Reason Behind this Massive News?
It was caused by a crazy demand on the new memecoin called WEN an increased interest in swaps with stablecoins. It is noteworthy that, according to the list above, Jupiter’s trading volume during this period was $10 million higher than Uniswap’s trading volume on the Ethereum blockchain under the V2 and V3 protocols combined. The excitement in the market was mainly related to the exchange of stablecoins and trading of WEN, a memecoin that was airdropped to Solana users who interacted with Jupiter over the previous six months, as well as to owners of the Saga cryptophone.
Jupiter airdrop – January 31
NEW: $JUP Airdrop by Jupiter Set to Launch in 2 Days: Solana Prepares for Major Liquidity Injection
All You Need to Know About the Big Event 👇https://t.co/u70AnOTjv0
— SolanaFloor | Powered by Step Finance (@SolanaFloor) January 28, 2024
On the last day of January, DeFi aggregator Jupiter will distribute 1 billion JUP tokens to the community. In order to participate, you will need to link your crypto wallet on the official Jupiter website. The size of the reward will depend on the user’s activity at the specified address. While WEN’s memecoin experiment received significant attention, the bulk of Jupiter’s trading activity came from stablecoins such as USD Coin (USDC) and Tether (USDT), which accounted for $191 million of the day’s total volume. Additionally, anticipation is growing for the upcoming release of Jupiter’s native token, JUP, which is scheduled to launch on January 31st. The market excitement surrounding the release of WEN and JUP coincides with the trend of recent token releases by various projects in the cryptocurrency ecosystem, such as AltLayer’s $100 million issuance and the planned distribution of 70 million DYM tokens to users following the launch of the mainnet by Dymension.
About WEN Token
A new memecoin on Solana called WEN has received significant community interest after being distributed to over 1 million wallets. The community came up with WEN as a tribute to Jupiter developer, Weremeow and the common slang term WEN, which usually means waiting for a token to launch or a new feature to be released. The current price is $0.000002287 and it went up only in 7 days to 762.78%.
The project took a strategic approach to distributing a fixed supply of 1 trillion coins. Specifically, 70% of the tokens were distributed to Jupiter users who actively traded between July 2023 and January 2024.
