HumidiFi (WET) is standing out today as the top rising coin in the cryptocurrency market: It gained more than 100% in value in the last 24 hours!

The rapid rise of this Solana-based token has attracted significant interest from the crypto community following its recent entry into the market.

Why is the price of the HumidiFi (WET) token rising?

According to BeInCrypto Markets data, the value of WET has increased by exactly 104.5% in the last 24 hours. As of the time this news was written, the altcoin is trading at a price of $0.25.

WET's market capitalization has also exceeded 50 million dollars. Additionally, the daily trading volume surpassed 150 million dollars; trading volume remains quite high.

The release of this token has created significant excitement in the community and has placed it at the top of CoinGecko's trending coins list. When looking at investor sentiment data, there is an 80% bullish expectation among traders, while 20% have a bearish outlook.

So what is HumidiFi, and what is the reason for this hype? HumidiFi operates as a specialized automated market maker (prop AMM) working on Solana.

According to the platform's litepaper, HumidiFi is the largest decentralized cryptocurrency exchange on Solana. It boasts a daily trading volume of over one billion dollars and holds more than 35% of Solana's spot DEX activity. Additionally, the protocol stands out as a significant liquidity layer across the network with integrations from Jupiter, DFlow, Titan, and OKX Router.

WET is the native token of the platform. It is also the first token to be launched through Jupiter's decentralized token formation (DTF) platform. The public sale started last week.

However, things did not go smoothly at the launch. On December 5th, blockchain analysis firm Bubblemaps revealed in an analysis that a single entity using the alias 'Ramarxyz' captured 70% of the presale using more than 1,000 wallets. Both HumidiFi and Jupiter quickly acknowledged this incident.

HumidiFi explained: 'Thousands of wallets were created, each containing 1,000 USDC. A command was created for each wallet that deposited funds into the DTF smart contract. This was like pressing a button that said, “Deposit 1,000 USDC into DTF and get WET.” Then, with a single transaction, six buttons were pressed at once. For each sent bundle (many bundles were sent), four transactions were executed. In these four transactions, six commands were processed each; meaning a total of 24,000 USDC or approximately 350,000 WET was obtained per bundle.'

In response, the team announced that they would relaunch with an entirely new token. This initiative demonstrated a clear commitment to fair access and a community-first approach; it prevented opportunists from trading.

Jupiter added: 'Currently, the existing WET tokens are in completed presale vaults and are non-recoverable; therefore, a new token will be produced for the relaunch of the public sale. The existing WET token (WETcX1wAahwVbuJ9HihE8Uwf3dwmJBojGphAZPSVpJP) will be INVALID, meaning it will NOT be the official token of HumidiFi.'

Success in Relaunch with Anti-Bot Measures

The public offering relaunch started on December 8th at 10:00 (EST) with anti-sniping measures in place. These included permissioned signing from the DTF interface, Cloudflare protection, increased transaction unit for each deposit transaction, and mechanisms to disable revert protection.

These measures achieved their purpose. The sale collected a total of 2 million 70 thousand USDC from real investors, and the DTF platform was visited by 60,000 people. According to HumidiFi's data, 20% of participants invested less than the 500 dollar upper limit; this indicates that real users rather than bots or automation drove the process.

Jupiter shared the following: 'All of the more than 4,000 users who managed to purchase WET had to transact through the interface of the DTF application. Based on wallet age analysis, we are quite sure that genuine users who waited in the field and refreshed the page every second won. Transactions from suspicious wallets accounted for only about 5%.'

The successful relaunch helps regain community trust following the manipulation experienced during the initial presale. Additionally, the WET token has been listed on major cryptocurrency exchanges including Coinbase, OKX, Bybit, and Gate. These developments significantly increase WET's visibility and liquidity, opening up access to a much broader investor base.

In short, all these developments fueled WET's sharp upward momentum, making it one of the most prominent coins in the cryptocurrency market today.