The
Wen
meme
coin
saw
a
sharp
drop
in
price
Monday
as
traders
weighed
how
to
value
news
that
27%
of
the
airdropped
token’s
supply
would
be
burned.
The
Solana-based
token
was
trading
over
30%
below
its
daily
high
around
press
time,
thanks
in
large
part
to
a
major
plunge
triggered
by
a
whale
seller
who
exited
their
position
shortly
after
11:00
AM
on
the
East
Coast.
That
action
was
part
of
a
“sell
the
news”
event
tied
to
the
Wen
project’s
decision
to
burn
all
tokens
that
went
unclaimed
during
its
three-day
airdrop,
which
concluded
Monday.
Traders,
it
seemed,
had
already
priced
in
the
impact
of
the
supply
dropping
by
over
270
billion
tokens.
In
the
Discord
server
for
Jupiter,
the
protocol
that
facilitated
the
airdrop,
pseudonymous
crypto
traders
were
licking
their
wounds.
“Wen
burn
has
no
effect
on
price.
Moonbois
in
the
mud,”
wrote
one
who
went
by
the
name
Sonofkarm.
The
Wen
burn
capped
a
breakneck
final
prelude
to
the
main
event
of
so-called
“Jupuary,”
a
month
of
testing
and
preparation
for
Jupiter’s
own
massive
token
airdrop.
The
trade
routing
protocol
is
to
distribute
40%
of
its
upcoming
JUP
token
to
its
users
on
January
31.
“WEN
was
a
fantastic
test,”
Jupiter’s
pseudonymous
co-founder
Weremeow
wrote
on
X
Monday,
explaining
the
launch
offered
a
stress
test
for
the
same
infrastructure
that
will
soon
distribute
JUP.
However,
Weremeow
said
the
team
had
“one
big
fuckup”
by
accidentally
stranding
100
tokens
marked
for
airdrop
in
an
engineer’s
account,
who
then
improperly
supplied
the
tokens
to
a
trading
pool.
In
the
post,
Weremeow
said
the
unsanctioned
activity
was
not
an
ethical
issue,
“just
incredible
dumbness.”
