The new meme coin in the Solana (SOL) ecosystem lost nearly 60% of its value despite 27 percent of the supply being burned.
New meme coin based on Solana Wen (WEN)The price of , started to lose serious value yesterday morning, following the market’s rise. WEN was sent to investors via airdrop and it was stated that unclaimed tokens would be burned.
According to CoinGecko data, WEN was released yesterday at 11:00 UTC. 11.00 processed in waters $0.000003516 from levels 57% with decline $0.000001539 retreated until. The drop in question will occur after the first airdrop distribution. 3 day throughout decision to burn unclaimed tokens “sell the news” It is estimated that it was caused by the incident.
In his opinion, investors will be burned 270 billion tokens He thought he had priced in the impact on supply. On the other hand, it is predicted that a whale sale was also effective in the price decline and started the snowball.
Jupiter, Solana’s biggest protocol, said in his post: burning in the earth He stated that the quantity has no effect on the price.