Solana's WEN Token Price Plummets Despite Massive Token Burn

The price drop follows the burning of 27% of WEN's total supply, while Solana's native token, SOL, sees an 8% increase.

The launch of Solana’s WEN meme coin resulted in the burning of 271 billion unclaimed tokens, reducing the total supply by 27%.
Despite the token burn, WEN's price dropped 22% in an hour, largely due to holders dumping their tokens en masse after the claim period ended.
The WEN airdrop served as a large-scale test for decentralized exchange aggregator Jupiter's new launchpad, which will be used for its own token, JUP, airdrop later this week.
Jupiter's upcoming JUP token airdrop, dubbed 'Jupuary', is highly anticipated with nearly a million wallets eligible for the drop.
Despite the WEN price drop, the price of SOL, Solana's native token, rose nearly 8% on the same day.