As the crypto industry blossoms, memecoins have carved a niche for themselves, intertwining humor and digital innovation.
One of the newest memecoins on Solana is WEN.
In this guide, we’ll give you a deep dive into all things WEN and show you how you can trade this memecoin with Phantom.
Origin story
The launch of WEN was anything but ordinary.
At its core, WEN is based on a poem titled “A Love Letter to Wen Bros,” written by Meow, who is the founder of Jupiter.
This poem was minted as an NFT and then fractionalized into one trillion WEN tokens—demonstrating an innovative use of NFT technology for token distribution.
A staggering 70% of these tokens were distributed to more than one million eligible Solana wallets, showcasing WEN’s commitment to the community.
As such, this method not only democratized access to the memecoin, but also demonstrated Solana's cutting-edge technology.
Market dynamics
Despite its innovative launch and community-centric approach, WEN has not been immune to the volatility and speculative nature of the crypto market.
A significant event in its short history was the decision to burn 30% of the airdropped token's supply, a move that typically aims to reduce supply and potentially increase a token's value.
However, this action led to a sharp decline in WEN's price, demonstrating the complex dynamics of memecoins and tokens.
This price drop was further exacerbated by significant selling pressure from a whale investor, further highlighting the challenges memecoins face in establishing stability and long-term value.
In March 2024, however, WEN exhibited a notable market performance, with its price reaching an all-time high (ATH). This was accompanied by a significant trading volume, emphasizing the coin's active trading presence on the market.
Currently, WEN has a market cap of ~$250 million and has established itself among the top 15 memecoins.
The path ahead
The future of WEN, like many memecoins, remains uncertain but intriguing.
Its unique launch strategy, deep-rooted community ethos, and connection to the Solana ecosystem position it well for the future.
As the cryptocurrency landscape continues to evolve, the role and impact of memecoins, characterized by projects such as WEN, will undoubtedly continue to be a subject of keen interest and speculation.
How to trade WEN with Phantom?
Note: You need to hold SOL in your Phantom wallet to complete this process.
After logging-in to your Phantom browser extension or mobile app, select a wallet that holds the tokens you’d like to trade. Next, click on the swap (arrow) icon at the bottom. In the swap widget, select the token pair you’d like to trade, review the order, then submit!
How to set up a Phantom wallet?
If you’d like a friendly multichain wallet for crypto, DeFi, and NFTs, try us out. We offer browser extensions for Firefox, Chrome, Brave, and Edge, as well as apps for iOS and Android.
First, download Phantom. Then, create a new wallet.
If you’d like to fund, or send funds to, your Phantom wallet, you can do so via the “Buy” button on your asset tab. We offer various funding options, such as MoonPay, PayPal, and Robinhood to make it easy for you to fund your wallet.
Once you do that, you're ready to go.
How to bridge tokens to Solana with Phantom?
If this is your first time using Solana, you might have most of your assets on other blockchains, such as Ethereum and Polygon. With our Cross-Chain Swapper, you can bridge tokens across Ethereum, Solana, and Polygon right in your Phantom wallet. Here’s how:
