Hype Around WEN Meme Coin Increased Trading Volume on Solana-Based DEX

Trading volume on decentralized crypto exchanges Jupiter and Orca, based on Solana, grew by more than a quarter over the last day. Their indicators went up due to the hype around the meme coin WEN.

According to CoinGecko data, as of 14:00 (GMT+2) on January 29, Jupiter’s daily trading volume exceeds $517 million, up 25% in the last 24 hours. This Solana-based DEX accounts for 17.5% of total trading volume on decentralized platforms.

Another Solana-based trading platform also saw an increase in daily trading volume. Orca’s performance surged 29.57% in the last 24 hours, with the trading volume reaching $255 million.

The active growth of indicators moved Jupiter to the top among DEXs in trading volumes, while Orca entered the top three. Popular decentralized exchanges such as Ethereum-based Uniswap V3 and BNB Chain-based PancakeSwap V3 recorded daily trading volumes of $492 million and $143 million, respectively.

The growth catalyst for the Solana DEX performance was the hype around the new Wen (WEN) meme coin, 1 trillion of which were distributed among active Solana users. About 70% of the coins that participated in the airdrop were received by Jupiter users who actively interacted with the DEX for half a year.

Over the last 24 hours, almost $50 million of Jupiter’s trading volume was accounted for by the USDC / WEN trading pair. Another $50 million — for the SOL / WEN pair. Around 11.5% of Orca’s total trading volume came from the USDC / WEN pair, totaling nearly $30 million over the day, and another about $9.4 million — from the SOL / WEN pair.

According to CoinGecko, WEN increased by 500% in the first day after launch. In the last 24 hours, its price grew by another 40% and reached $0.0001638. The project’s market cap exceeded $163 million. The hype around the coin was provoked by LookOnChain data, which showed that one of the WEN traders made around $1.6 million on the asset.

Experts named meme coins as one of the growth catalysts of the crypto market in 2024.

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