Wen (WEN): A Community Coin Based on a Viral Fractional NFT

In the world of meme coins, it's common for cryptocurrencies to be inspired by things such as viral tweets or cute cat pictures. Now, a new project takes this concept even further by creating one of the first meme coins based on fractional NFTs. The novel design of the Wen project has attracted a lot of positive attention. In addition to its impressive trade volume, Wen has also managed to boost the popularity of its parent chain, Solana. Will this meme coin be a longtime favorite like Dogecoin — or is it likely to be a flash in the pan? Keep reading to find out.

Key Takeaways:

• Wen is a Solana-based cryptocurrency built on the idea of fractional NFTs. Each person who holds WEN also has rights to a small portion of a viral poem entitled "A Love Letter to Wen Bros" by @weremeow.

• The Wen project aims to promote positivity in the crypto community. Within the crypto world, it's popular to make fun of "wen bros" who are constantly asking creators "wen" they're going to release new digital assets. However, the poem that the Wen creators chose to turn into a fractional NFT is called "A Love Letter to Wen Bros."

What Is Wen?

Wen is a Solana-based cryptocurrency built on the idea of fractional NFTs. Each person who holds WEN also has rights to a small portion of a viral poem entitled "A Love Letter to Wen Bros" by @weremeow.

What Does Wen Aim to Achieve?

The Wen project aims to promote positivity in the crypto community. Within the crypto world, it's popular to make fun of "wen bros" who are constantly asking creators "wen" they're going to release new digital assets. However, the endearingly profane poem that Wen’s creators chose to turn into a fractional NFT, "A Love Letter to Wen Bros,” expresses appreciation for the excitement and passion of those who are constantly on the lookout for new projects. Having it as the basis for Wen crypto has helped to spread this positive message to countless other people.

Furthermore, Wen is on a mission to support the Solana blockchain and the Jupiter (JUP) exchange. The coin was designed by Jupiter developers, who are dedicated to "giving back to the Solana community." They hope that their meme coin will attract attention to Solana and be a helpful way to test the new Jupiter token launch system. By creating an open-source NFT standard, the Wen Foundation hopes to provide fellow Solana developers with a useful new tool. Though the Wen crypto itself is simple, its design showcases all sorts of exciting possibilities for working with NFT projects on Solana.

How Does Wen Work?

Wen’s digital currency is based on the concept of the fractional NFT, a type of NFT that’s been broken into smaller pieces. In order to create Wen, the aforementioned viral poem was first turned into an NFT and then divided into 1 trillion individual pieces. All of these “fractions” were then attached to an individual WEN token. The end result is a system in which each token represents ownership in a small portion of the NFT’s digital assets.

To create this new crypto design with fungible tokens representing NFT ownership, the Wen team invented a new token standard for NFTs. The Wen New Standard (WNS) is an open-source creation system for NFT projects that can be accessed by all community members. It was designed on the LFG Launchpad built by Jupiter. This token launch network is backed by the popular Jupiter swap aggregator, and runs on the Solana blockchain.

WEN Tokenomics

Wen has a total supply of 1 trillion tokens. The primary use for this digital currency is trading, but since it also represents ownership of @weremeow’s poem, users can also purchase tokens if they're interested in holding part of the rights to the poem.

The WEN crypto distribution plan is very straightforward, with 70% reserved for an airdrop giving free tokens to Solana community members, 20% held in a liquidity pool to facilitate trades and the last 10% forming the WEN Treasury, which helps further develop the Wen community. All tokens not claimed during the airdrop period will be burned.

WEN Airdrop

The majority of Wen's tokens were distributed in a free airdrop that was designed to help promote the LFG Launchpad on the Jupiter exchange. Tokens were available for free to anyone who had used Jupiter in the past six months. People were also eligible for the airdrop if they participated in certain NFT or Solana projects, such as the Saga smartphone. Each user was allowed to claim 645,652 tokens.

This airdrop resulted in record-high numbers of new addresses on Solana. People rushed to sign up for the platform and receive WEN tokens. Over 1 million users participated, and when the airdrop closed on Jan 29, 2024, over 400 billion WEN had been claimed. The remaining 300 billion WEN initially reserved for the airdrop were burned.

The Popularity of WEN

Due to its connections to Jupiter and popular crypto memes, WEN had a very successful launch. Jupiter reported that $50 million of their daily trading volume came from WEN, making it one of the most popular meme coins for a brief period of time. Between Jan 26, 2024 and Jan 29, 2024, WEN prices soared. After starting at around $0.00005, WEN’s price reached $0.0018.

However, this all came to an end by Jan 30, 2024. The decline in prices coincided with the news that Wen's airdrop hadn’t been entirely successful. When people learned that roughly half of the tokens in the airdrop went unclaimed, it raised many doubts about the token's viability. Since then, prices have continued to decline. For most of early February, WEN’s price has fluctuated between $0.00004 and $0.00006.

Is WEN A Good Investment?

WEN's days of volatile price spikes are most likely gone. The coin's meteoric rise, halted by the news of an underwhelming airdrop, was further overshadowed by Jupiter’s launch of its own token a few weeks later. Data analysis from CoinCodex reports that WEN's price will most likely fall by 10% in the next month.

However, even if WEN doesn't seem likely to make anyone a millionaire overnight, it still has some potential. Right now, the coin's price movements are mostly following the shifts of other cryptos, like those of the Ethereum blockchain. This generally leads to small price increases and decreases that certain investors can profit from. As long as you remain cautious and avoid overextending your finances, you may be able to profit from WEN in the future.

Closing Thoughts

As a meme coin project, Wen is never going to reach the same level of stability as a blockchain such as Ethereum. However, it's still a neat token to explore if you're interested in fungible tokens and/or Solana NFT development. Not only was it created by the same team that designed the Jupiter exchange, but its theme also appeals to many crypto fans. Despite its recent decline in value, the WEN currency may still hold some opportunities for savvy investors.

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