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Solana’s Memecoin Craze Continues with WEN and JUP Airdrops, Attracting Millions of New Users

Solana, the blockchain network that outperformed all other altcoins in 2023, is showing no signs of slowing down in 2024. The network has seen a surge in activity and adoption in the first month of the new year, breaking several records and attracting millions of new users.

Solana’s Transaction Volume and New Addresses Reach New Highs

According to data from The Block, Solana recorded its highest transaction volumes since October 2022, when it processed over 1.5 billion transactions in a single month. In January 2024, Solana surpassed 1.3 billion transactions, indicating a high level of demand and usage for the network’s fast and low-cost transactions.

Solana also achieved a new milestone in terms of new addresses created on the network. As of January 26, Solana had over 10 million new addresses registered in January alone, surpassing the previous record of 8.7 million in December 2023. The network’s highest-ever level of daily new addresses as a seven-day moving average was also recorded on January 25, with over 500,000 new addresses created.

Number of New Addresses on the Solana Netwrok (Daily, 7DMA) | Source: The Block
Number of New Addresses on the Solana Netwrok (Montly) | Source: The Block

The network’s overall signup count has also reached impressive numbers, with over 62 million addresses registered on Solana as of January 26. The best month for the network’s signup count was May 2022, when it added over 12 million new addresses, followed by January 2024 and December 2023.

Solana-Based Memecoins and Airdrops Boost Adoption

One of the main drivers of Solana’s growth and popularity is the success of its native memecoins, which are tokens that are created for fun or as a social experiment, often inspired by popular memes or trends. Solana has a vibrant and diverse memecoin ecosystem, with hundreds of projects launched on the network, ranging from Doge-inspired tokens to NFT-based tokens.

The latest popular memecoin on Solana is WEN, which is currently being airdropped to over a million users who meet certain criteria. The WEN airdrop, which started on January 22 and ends on January 27 at 10 am, is open to users of Solana’s Jupiter exchange, Solana Saga phone owners, and owners of certain Solana-based NFT projects, such as Solana Monkey Business, Solana Apes, and Solana Cats.

The WEN token, which stands for “When Lambo?”, is a humorous reference to the common question asked by crypto enthusiasts who hope to become rich enough to buy a Lamborghini. The token’s website claims that WEN is “the ultimate memecoin for Solana”, and that it has “no utility, no roadmap, no team, no whitepaper, no fundamentals, no technical analysis, no partnerships, no advisors, no audits, no marketing, no community, no vision, no mission, no purpose, no value, no future, no nothing”.

Despite its self-deprecating description, WEN has generated a lot of interest and excitement among Solana users, who have rushed to claim their share of the airdrop. However, as of January 26, only 54% of the airdrop has been claimed, leaving 46% unclaimed. The unclaimed tokens will be burned after the airdrop ends, reducing the total supply of WEN from 1 billion to around 540 million.

The WEN airdrop also serves as a test for Jupiter, Solana’s biggest decentralized exchange aggregator, which allows users to swap tokens across multiple DEXes on Solana with the best prices and lowest fees. Jupiter exchange has grown rapidly to become one of the most popular and trusted platforms on Solana, with over $2 billion in total value locked and over 1.5 million users.

Jupiter is planning to launch its own governance token, JUP, this Wednesday, January 28, in a highly anticipated airdrop. JUP’s first airdrop is open to 955,000 eligible users who hit the $1,000 swap volume requirement by the snapshot date in November 2023. The JUP token will allow users to participate in the governance and decision-making of Jupiter, as well as benefit from the platform’s revenue sharing and fee discounts.

Solana’s Future Outlook

Solana’s impressive performance in 2024 so far indicates that the network has a strong and loyal user base, as well as a vibrant and innovative ecosystem of projects and applications. Solana’s scalability, speed, and low-cost transactions make it an attractive platform for developers and users who seek to leverage the benefits of blockchain technology without compromising on performance or user experience.

Solana’s future outlook is also positive, as the network continues to improve its technology and security, as well as expand its global reach and adoption. Solana’s roadmap for 2024 includes several major milestones, such as the launch of Wormhole 2.0, a cross-chain bridge that connects Solana to other blockchains, such as Ethereum, Binance Smart Chain, and Terra; the launch of Starlight, a layer-two solution that enables instant and feeless transactions on Solana; and the launch of Solana Academy, an educational platform that aims to train and support the next generation of Solana developers and entrepreneurs.

Solana’s growth and success in 2024 demonstrate that the network is not only a leading altcoin, but also a formidable contender in the blockchain space, challenging the dominance and status quo of older and more established networks. Solana’s vision of creating a fast, scalable, and decentralized web, where anyone can build and use applications that empower the users and benefit the society, is becoming a reality with each passing day.

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