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Wen price plunged 25% in the past 24 hours, trading at $0.0001166, and trading volume surged 79% to $90 million.
Despite the announcement that 27% of the airdropped token supply would be destroyed, destroying more than 270 billion tokens, the Wen price still fell sharply, a typical "sell on the news" phenomenon.
The claiming of $WEN has officially been completed. During the development of Wen, we have distributed $WEN to the community through claiming. Now, no new tokens will be issued, and a quarter of the total supply will be permanently destroyed.
We are very happy to be able to pass on the wen culture forever...
The WEN price broke through the upper border of the descending wedge pattern and started a bull run.
The WEN price indicator shows a rebound from the lower border of the falling wedge pattern to $0.0001074. This indicates a positive shift in trend. If the price breaks above the upper border, it will confirm the bullish trend that buyers are looking for.
However, the 50-day simple moving average and the 200-day simple moving average remain a challenge for the bulls as the price remains below these moving averages.
The relative strength index (RSI) has rebounded from the oversold territory (around 30) and is climbing towards the midline level of 50. This suggests a possible increase in buying. If the RSI moves above 70, it could indicate that buying pressure has become quite strong, potentially leading to an overbought condition.
WEN Price Prediction
Traders are optimistic about the price and expect it to break out of the boundaries of the descending wedge pattern. If this happens, the bulls will target a high of $0.0001732.
However, if there is a decline, the bears may influence the price to fall to the support zone at $0.0001059, which is the lower boundary of the wedge pattern.
Meanwhile, as traders patiently wait for the right entry point for $WEN, investors are showing interest in Sponge V2 after Sponge ($SPONGE) exploded 100x after its launch.
Sponge V2 is about to be launched and aims to replicate the brilliant success of Sponge V1, which skyrocketed 29,00% after its launch, accumulated more than 13,000 holders, and was listed on more than a dozen exchanges including LBank, Toobit, CoinW, BTCEX, and BitMart.
These achievements caught the attention of Tron founder Justin Sun, who holds about $90,000 worth of Sponge. Sun showed interest in memecoins among promising projects and purchased SPONGE in May 2023.
I have decided to actively trade memecoins and promising projects through my public address. Please note that I will personally bear all potential trading losses and all profits will be donated to charity.
The Sponge V2 platform allows you to buy and stake $SPONGE. In addition, you can also stake your original Sponge V1 tokens to earn $SPONGEV2. Currently, staking offers an annual interest rate of up to 254%. The more Sponge V1 tokens you stake, the more Sponge V2 tokens you earn. Currently, investors have staked more than 6 billion Sponge tokens.
The Sponge team is about to launch a play-to-earn (P2E) game called "Sponge Racer", which is expected to attract new investors and players and will provide both free and paid versions.
The game is perfectly integrated into the glamorous Bikini Beach and is driven by Sponge V2 tokens. Players have the opportunity to collect Sponge tokens during exciting underwater adventures. This allows them to explore iconic locations and unlock lucrative incentives.
ClayBro, a crypto YouTuber with more than 116,000 subscribers, believes that the $SPONGEV2 has the potential to replicate the original $SPONGE’s explosion 100 times.
To purchase the token, visit the official Sponge V2 website and exchange your digital wallet with ETH or USDT to get V2 tokens. You can also purchase directly with a bank card.
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