š Wen Meme Coin Price Plunges after 27% Supply Burn š„
- Wen, a Solana-based meme coin, experienced a sharp price drop on Monday, trading over 30% below its daily high.
- This was triggered by a whale seller exiting their position and the Wen project's decision to burn all unclaimed tokens from its three-day airdrop.
- Over 270 billion tokens were burned, but traders seemed to have already priced in the impact.
- This event marked the end of "Jupuary," a month of testing and preparation for Jupiter's massive token airdrop on January 31.
- Jupiter's co-founder, Weremeow, called the Wen launch a "fantastic test" but admitted to a mistake in the distribution process.
What do you think about the Wen token burn and its impact on the price? Share your thoughts in the comments! š