As WEN Boosts Jupiter’s Trading Volume, What’s in Store for the Meme Coin?

Key Takeaways

• The Jupiter DEX had the highest 24 hour trading volume recently, surpassing Uniswap.
• WEN meme coin draws attention with a price surge.
• Chart analysis points to a potential correction.

Jupiter, a decentralized exchange on the Solana blockchain, recorded a trading volume of $480 million in 24 hours, surpassing Ethereum’s Uniswap by $10 million. This surge was partly driven by the Wen memecoin and partly driven ny stablecoin transactions. Wen was introduced through an airdrop to specific Solana users and Solana Saga phone owners, contributing $50 million to Jupiter’s volume. 

To receive an airdrop, people must have used the Jupiter DEX, which is why the trading volume went up. Most trades involved exchanging Solana’s SOL for stablecoins like USD Coin and Tether USDT, totaling $191 million.

Wen’s price spiked to $0.00018 at its peak on, January 29, but has since fallen 18% to $0.0015. It climbed to an early all-time high from its starting price of $0.00004 on January 27. 

One Trader Wins Big

A blockchain investigator from LookOnChain revealed a trader bought 20 billion WEN tokens for $125,500 at its launch. The trader then sold 12.5 billion of them $807,000, earning a profit of $682,000. Despite this, the trader still holds 7.6 billion WEN, currently valued at $941,000.

The profit-making coincided with a significant increase in WEN’s value. In just 24 hours after its launch on January 26, the token’s price skyrocketed by 500%, reaching a high of $0.00013781, and later settled at $0.00009401.

This price jump boosted WEN’s market capitalization to $135 million, which later fell to $95.8 million. The trading data suggests a high level of community engagement with the memecoin.

WEN Price Analysis 

Looking at the WEN 15-minute chart, we can see the price moved up in a five-wave pattern, common for an uptrend. It formed an ascending channel with today’s downtrend making an interaction with its support. 

The price bounced but, considering the aggressive downfall, it could make a breakout on the next attempt. If we saw the first bull cycle uptrend, WEN could proceed to make a first bull cycle correction. 

Using the Fibonacci retracement tool, we come to a target of $0.00012 at a typical 0.618 level. But until the price breaks out, WEN could continue to rise. After this correction, we could see a new uptrend, with WEN surpassing its previous high of $0.00015. 

Disclaimers

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.