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The price of the meme coin on the Solana network has dropped by 60% despite the decrease in supply!
The new meme coin in the Solana (SOL) ecosystem has lost close to 60% of its value despite 27% of the supply being burned.
Solana-based new meme coin Wen (WEN) started to lose serious value yesterday morning after its price rose on Sunday. WEN was sent to investors via airdrop, and it was stated that unclaimed tokens would be burned.
According to CoinGecko data, WEN retreated from $0.000003516 yesterday, where it was trading at around 11:00 CET, to $0.000001539, down 57%. It is estimated that the decrease in question is due to the "sell the news" event of the decision to burn unclaimed tokens for 3 days after the first airdrop distribution.
In his opinion, investors were pricing in the impact of the 270 billion tokens to be burned on the supply. On the other hand, it is predicted that a whale sale was also effective in the price decline and started the snowball.
Solana's largest protocol, Jupiter, stated in its post that the amount burned in supply has no effect on the price. #SOL. WEN. #APT.
ContentSta # #BountyCreator# #GateioBountyCreator #NewsMessenger #GateLive
#contentstar # MyFancyCreato