🐈‍What you need to know about the cat memecoin WEN

🐈‍What you need to know about the cat memecoin WEN

In this edition, we explore WEN, Sony’s steps into blockchain, Crypto the Game and more.     

💥  Cutting Edge with Shoal Research

In collaboration with Shoal Research, this week’s special feature will dive into WEN token.

Key Terms

  • Jupiter is the largest DEX aggregator on the Solana network.
  • Tokenized Attention is the concept of attention or events being tokenized or made into tokens.

What is it? WEN is a cat memecoin on the Solana network launched by the Jupiter team as a trial asset for their token launchpad. 

What does it do? WEN has no direct utility beyond acting as a trial launch asset for Jupiter. Since then, it is primarily seen as a memecoin or speculative asset.

What does it mean? Since its launch, WEN has caught attention and increased in price due to the memecoin craze. 

Why is it interesting? We are seeing an ongoing trend of tokenized attention coins doing well as communities drive value. Memecoins like Dogecoin (DOGE) were largely shunned by the crypto community since its inception as a self proclaimed joke coin in 2015. However, DOGE entered the top 10 in 2021 and stayed there through the crypto winter. This shifted the narrative about DOGE from joke to curiosity and drove attention to memecoins.

Who is its competitor? Outside of WIF and Bonk, which are dog coins on the Solana network, WEN also competes with another cat coin called MEW, among many other cat-themed coins such as Book of Meow (BOMEOW).

How to invest: $WEN

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Crypto News Recap

Sony Bank Testing Stablecoin

Sony Bank is testing its own yen-backed stablecoin. Sony Bank is an online bank in Japan and is a part of the Sony Group Corporation. The company intends to experiment with the stablecoin as a method for reducing fees associated with sending money. Sony has been looking into blockchain technology as a whole, with the intention to launch its own blockchain. 

Uniswap Hits 2 Trillion Trading Volume 

Uniswap recently hit an all time high $2 trillion in trading volume. Uniswap, the largest DEX by trading volume, announced the upcoming milestone on X. The exchange offered to send $200 in USDC to the first person to send them a screen recording of the milestone on Dune. This comes as analysts on Glassnode noted an increase in demand for Bitcoin, with the realized market cap reaching $79 billion per month.  

Source: DefiLlama

Crypto the Game 

“Crypto: The Game” is back for a second season. The popular onchain survival game saw 800 players sign up in the first 15 minutes of the new version going live. The game is built on Base and requires the minting of an NFT worth 0.1 ETH per player. The prize money currently sits at $263,000.

Binance Stops Bitcoin NFT Support  

On April 4th, Binance announced that it will end support for Bitcoin NFTs. The exchange asked users to withdraw their Bitcoin NFTs by May 18. This decision comes as the company works to “streamline product offerings”. Binance’s growth to the largest exchange in the world was, in part, due to their extensive number of services. This would be a notable contraction in their services stack.

Source: Binance

📚 N+1 Recommendations 

The N+1 reading and media recommendations are sourced from our team of experts and offer weekly suggestions for learning more about blockchain, crypto, finance and technology.

This weeks recommendation: The Social Construction of Facts and Artifacts by Pinch and Bijker 

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