Solana Sets New Record with "Airdrop Frenzy" of WEN

The number of active wallets on Solana has hit a new record following the DEX Jupiter's announcement of the WEN memecoin airdrop on January 26.

Solana sets new record with "airdrop frenzy" of WEN. Photo: WEN

Solana (SOL), one of the best-performing altcoins in 2023, continues its strong start to the year. Not only has it garnered massive trading volumes, but the daily count of new active wallets on Solana is skyrocketing.

7-day moving average (7DMA) chart tracking new wallets on Solana. Photo: The Block

Based on data compiled by The Block, the number of new wallets created on Solana in January 2024 has surpassed the 10 million address mark. This figure shows no signs of cooling down and has overtaken the previous network record set in May 2022.

The "frenzy" stems from the success of a series of memecoins within the Solana ecosystem recently. From the Bonk airdrop to Saga phone owners, to the emergence of the WEN memecoin.

On the morning of January 26, DEX Jupiter announced an airdrop of 70% of the WEN tokens to over 1 million users. The recipients included those who had previously traded on DEX Jupiter, owners of Solana Saga phones, or participants in other NFT projects within the ecosystem.

The allocation for each eligible wallet was equal, receiving 643,652 tokens each, valued at approximately $100 USD at the time of writing.

Distribution of WEN for a wallet valued at $100 USD, based on DEX Jupiter's price.

Nearly half of the airdropped tokens still remain unclaimed, with the claiming portal closing at 10:00 PM on January 29 (Vietnam time). CoinDesk estimates that at least 17% of the total supply of 1 trillion WEN will go unclaimed. The project has committed to burning any leftover tokens from the airdrop.

As of noon on January 29, approximately 44.6% of WEN tokens have not been claimed. Source: Dune Analytics

Statistics on the distribution activity of the WEN airdrop. Source: Solscan

WEN draws inspiration from an NFT poem shared by an anonymous developer with the X account name weremeow. This individual contributed to the development of DEX Jupiter and several other applications on Solana, such as Meteora.

The WEN airdrop serves as a necessary precursor to Jupiter's planned JUP airdrop scheduled for this Wednesday (31/01). Jupiter will airdrop tokens to 955,000 users who achieved a minimum swap volume of $1,000 USD before the snapshot date of 02/11/2023.