The cryptocurrency world has never lacked drama. HumidiFi's WET token is the latest example. This DEX token based on Solana was initially exploited by bots during its presale, prompting the project team to start over. In early December, they organized a fair distribution, resulting in retail investors voting with 2,000,000 USDC in real money, pushing the price up by 160%. This is the true power of the community.

The speed of listing is also incredibly fast, with Coinbase going live on December 9th and contracts on Binance, Bybit, and OKX launching between December 10th and 11th. Coinone in South Korea even provides a fiat deposit channel. This situation is akin to major exchanges fearing they might miss out on a big opportunity. It's worth noting that for so many top platforms to act simultaneously, WET must have some real merit.

From the data, WET's attraction is indeed significant. It captures 50% of the trading volume on Solana DEX, with a fee of only 0.001%. This is practically a bargain in the DeFi world. Coupled with anti-bot measures implemented through Jupiter to ensure fairness, it's no wonder retail investors are willing to buy in. After all, who wouldn’t want to participate in a project truly driven by the community?

However, reality is often harsh. After skyrocketing by 71.74% shortly after launch, WET has recently dropped by 17.32% in the last 24 hours, a typical case of speculation retreating. The funding rates in the derivatives market have also turned negative, indicating that shorts are starting to dominate. This is the rule of the cryptocurrency world: no matter how good the story, it cannot withstand profit-taking sell-offs. The volatility following a new coin's launch is the norm. Whether it can stabilize depends on subsequent operations and actual applications.

Discussions about WET in the Jupiter community on social media are still quite lively, after all, this is their first case of decentralized token issuance platform, emphasizing fairness and transparency, without VC shares. Everyone starts on the same starting line. JUP stakers can also enjoy priority in presales and discounted prices. This design is indeed very appealing. As for whether it can sustain itself in the long run, it depends on whether HumidiFi can truly grow strong as a DEX. Anyway, its daily trading volume is over $1 billion, so there is still potential.