A crypto trader capitalized on the new Solana meme coin WEN’s popularity, making around $1.6 million in profits within 14 hours.

WEN experienced a remarkable 500% surge in value, reaching a peak of $0.0001378.

Solana has welcomed the emergence of a new meme coin called WEN. This digital asset generated significant community interest after being distributed to over a million wallets.

Capitalizing on WEN’s heightened excitement, a savvy trader successfully amassed approximately $1.60 million in profits within 14 hours.

Solana Meme Coin Trader Wins

Blockchain investigator LookOnChain disclosed that the trader initially purchased 20 billion WEN tokens at the launch for $125,500. 

Subsequently, the trader strategically offloaded 12.5 billion WEN for $807,000, raking in an impressive profit of $682,000.

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Despite this substantial sale, the trader still holds 7.6 billion WEN at an unrealized profit of $941,000.

This profit realization coincides with a remarkable surge in the meme coin’s value within 24 hours. 

According to Coinstats, the WEN token experienced an extraordinary 500% price increase since its launch on January 26, peaking at $0.00013781 before retracing to $0.00009401.

WEN Price Chart | Source: Coinstats

 

This surge propelled WEN’s market capitalization to an initial $135 million, which has since adjusted to $95.8 million. 

Notably, trading data indicates substantial community activity surrounding the Solana-based meme coin.

Data from CoinMarketcap reveals that trading pairs linked to WEN, such as USDC/WEN and SOL/WEN, contributed to over 30% of the trading activity on Solana’s leading decentralized exchange, Jupiter.

What Is the WEN Meme Coin?

The community conceived WEN as a tribute to Weremeow and the prevalent crypto question of “when.”

Usually, “wen” shows anticipation for a token launch or the release of a new feature in the crypto space. 

See Also: BTC Price Soars Above $42K as Bitcoin Accumulation Wallets Now Worth $68B with 1.7M BTC

On the other hand, the pseudonymous developer of Jupiter, Meow, wrote a fractionalized NFT poem that serves as the genesis of the WEN memecoin.

“I f*cking love wens. Wens mean you are wanted. Even if it is anon internet bros. Wens means they look forward to my sh*t. Even if some just want to dump my ass. Wens mean I am blessed enough to give. Even if most of them don’t give a damn. So to all you wen bros. I am sorry if I get pissed. Just like you to me. This annoyance is born from love. Yes I know you love me. Even if you don’t say it. So keep the wens coming. I will dance along. And you will play with me. Hopefully we will tango and. Wen forever more,” Meow wrote.

A Love Letter To Wen Bros pic.twitter.com/amTNSLcQ3f

— meow (@weremeow) December 23, 2023

The project adopted a strategic distribution approach to its fixed supply of one trillion tokens. 

Specifically, it airdropped 70% of the tokens to eligible Jupiter users who actively traded a minimum of $5 volume between July 2023 and January 2024. 

Any tokens not claimed by January 29 will be burnt, according to the project’s official X handle.

Disclaimer: The information provided is not trading nor financial advice. Bitcoinworld.co.in holds no liability for any trading or investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any trading or investment decisions.

The post One Crypto Trader Made $1.6 Million as New Solana Meme Coin, WEN, Soars 500% appeared first on BitcoinWorld.

After the double-top retracement movement experienced around the 0.85-0.86 USDT levels, Sei ( #SEI ) is seeking a consolidation zone. This zone could be around the 0.64 USDT levels. With upward movements expected from this zone, a closing above 0.75 levels could occur. The subsequent initial target would then be around the 0.86 #USDT levels.

$SEI $SUI

Today’s cryptocurrency landscape presents a curious study, with the overall market cap experiencing a dip to $1.67 trillion. It’s not just a blip on the radar; it’s a window into the complex interplay of factors driving the crypto market. Bitcoin has seen its dominance inch up by 0.25% to 48.85%. The buzz around spot exchange-traded funds (ETFs), which once sent ripples through the market, seems to be subsiding, reflecting a broader market stall.

The Dollar’s Dominance: A Crypto Conundrum

In the realm of global finance, the U.S. dollar remains a titan, and its recent surge is putting the squeeze on crypto. The Dollar Index (DXY) has been on a bullish tear, climbing to 103.50 on January 18, a clear defiance of the 100-day exponential moving average’s downward pressure. This rally isn’t happening in a vacuum; it’s fueled by a robust U.S. economy, with retail sales in December 2023 outpacing predictions and Treasury yields on the rise. The implication? A strong dollar often spells trouble for crypto, as it becomes a less attractive investment in comparison.

This financial tug-of-war is intensified by the latest economic data from the U.S., including a notable uptick in retail sales, a strong performance against forecasts, and an increasing strength in Treasury yields. These figures are more than just numbers; they are reshaping market expectations regarding the Federal Reserve’s rate-cutting roadmap. As the U.S. economy flexes its muscles, the crypto market feels the pressure, with prices responding in kind.

Liquidations and Losses: The Market’s Achilles Heel

The ebb and flow of the crypto market are often dictated by traders’ sentiments, and right now, liquidations are the name of the game. Over $137 million in long positions have been liquidated in just 24 hours, with a staggering $89 million disappearing in half that time. It’s not just numbers; it’s a cascade of bullish bets gone awry, a domino effect sending ripples across the market.

These liquidations are a harsh reminder of the crypto market’s volatility. When long positions are closed en masse without sufficient buying pressure, it’s like pulling the rug from under the market’s feet. The result? A downward spiral in prices, leaving traders and investors scrambling.

The GBTC (Grayscale Bitcoin Trust) is also playing its part in this drama. With a transfer of 8,730 BTC to Coinbase Prime, worth over $376 million, it’s clear that some investors are opting to reduce their holdings. This move, following the launch of spot BTC ETFs, is a reflection of the changing investor sentiment. The initial enthusiasm surrounding the ETFs has fizzled out, leading to a period of market consolidation. It’s a sobering reminder that in the world of crypto, what goes up can also come down.

Despite the current market turbulence, some voices, like that of Michael van de Poppe on the X social network, advocate a bullish stance. But let’s not sugarcoat it – the market is in a state of flux, and caution is the order of the day.

To wrap it up, today’s crypto dip is a complex tapestry woven from various threads – the strength of the U.S. dollar, the impact of liquidations, and the shifting tides of investor sentiment. It’s a reminder that in the crypto world, change is the only constant, and adaptability is key. So, whether you’re a seasoned trader or a curious onlooker, keep your eyes peeled and your wits about you – the crypto market is always full of surprises.

SEI sees a 5% upswing, pushing its market cap to $1.9 billion.

Despite resistance at $0.85, SEI aims for $1 as analysts anticipate a major run with conditions including a close above $0.8.

Cautious optimism prevails with an RSI of 57 as traders are advised on potential retracement.

Crypto enthusiasts are closely monitoring SEI as it experiences a commendable 5% upswing, seizing the attention of investors amidst Bitcoin’s (BTC) narrow price fluctuation between $42,000 and $43,000. 

The recent price surge propelled SEI’s market capitalization by 3.3%, reaching $1.9 billion and securing the 44th spot among all cryptocurrencies. Trading comfortably at $0.83 during US business hours, SEI has set its sights on a medium-term target of $1.

Breaking above an ascending triangle initially boosted the bullish sentiment, but the ascent faced resistance at $0.85, prompting the first retest of the triangle x-axis Support/Resistance (S/R) at $0.775. Analysts and traders are closely observing a four-hour close above the immediate support level at $0.8, viewing it as a potential trigger for a wave of long positions and a breakout to $1.

Crypto analysts and traders express optimism about SEI’s potential for another major run. However, the bold resistance at $0.85 remains a key challenge. The current neutral Relative Strength Index (RSI) of 57 indicates cautious optimism, but experts caution that further dips below the 50 midline might embolden sellers.

Traders are advised to tread carefully, considering key support areas such as the triangle x-axis at $0.775. The 20 Exponential Moving Average (EMA) and the 50 EMA, catching up to the uptrend, could play crucial roles in navigating potential declines, with a mention of the local support at $0.7.

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The post SEI’s Remarkable Surge: Can It Break the $1 Barrier? appeared first on Crypto News Land.

The world of cryptocurrencies never ceases to amaze traders and investors. This time, Bitcoin (BTC) offers exciting highlights with the latest BTC/USDT analysis. Digital gold continues to move higher after breaking out of the ascending triangle and is now intersecting with strong horizontal resistance. Let's look at this situation in more detail.