Leveraging the heightened enthusiasm around WEN, a shrewd trader managed to accumulate around $1.60 million in profits within a span of 14 hours.
Photo by Shubham's Web3 on Unsplash
LookOnChain, a blockchain investigator, has unveiled details about a trader who initially acquired 20 billion WEN tokens during its launch for $125,500. The trader strategically sold 12.5 billion WEN for $807,000, pocketing a notable profit of $682,000.
Even after this substantial sale, the trader still retains 7.6 billion WEN, currently sitting on an unrealized profit of $941,000.
This profit realization aligns with a remarkable surge in the value of the meme coin, WEN token, observed within a 24-hour period. According to CoinGecko, the WEN token witnessed an exceptional 500% increase in price since its launch on January 26, reaching a peak of $0.00013781 before retracing to $0.00009401.
The surge in value led to an initial market capitalization of $135 million for WEN, which has subsequently adjusted to $95.8 million. Notably, trading data highlights significant community engagement with the Solana-based meme coin.
CoinMarketCap data shows that trading pairs associated with WEN, including USDC/WEN and SOL/WEN, played a substantial role, contributing to over 30% of the trading activity on Solana's primary decentralized exchange, Jupiter.
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