Jupiter Airdrop Earns $1 Million for Trader; Is Algotech Up Next?

12 Feb 2024

  • Trader earns over $1 million in profits from JUP token airdrop.
  • 5.5 million JUP tokens worth $3.6 million were distributed to 27,600 wallet addresses. The move comes from a broader series of airdrops worth roughly $700 million.
  • Jupiter gained attention with its Binance listing and partnership with Mercuryo, signaling the next evolution for the Solana ecosystem.

The JUP token from Jupiter Exchange rocked the cryptocurrency community when a single trader profited $1 million from the token’s airdrops. Look on Chain and Solscan data show that around 5.5 million JUP were given away in the $3.6 million airdrop to 27,600 wallet addresses.

JUP gained the most attention when traders with the wallet addresses 7poJrJn, 2rSAFYA, and DyyQ55ei made the largest profit of $1 million from the airdrops. The success of this airdrop was greatly attributed to the JUP community, and merchants continued to hold a large portion of JUP even after they had sold some of it for a profit. The community’s current goal is to support the expansion of the Solana network.

The Crypto Market’s Impact of Jupiter Exchange

When Jupiter Exchange was added to Binance, it attracted a lot of interest. Meow, the company’s creator, discussed their strategic listings and partnership with Mercuryo. The alliance aimed to facilitate the Solana network community by implementing a fiat on-ramp.

Jupiter and Mercuryo have partnered to provide wormhole bridge and bridge comparator, among other services. Enhancing access to liquidity and growing the ecosystem are major goals of the DeFi aggregator.

Prior to the Solana-based JUP airdrop, its Ethereum version similarly experienced a 430% growth, rising from $0.005 to $0.026 on January 31 before reverting to $0.007. Although it was introduced in 2017, the Ethereum version is currently dormant.

Investor focus has shifted to other important projects, such as the cutting-edge trading platform Algotech (ALGT), as a result of Jupiter’s (JUP) successful launch.

Algotech is poised to surpass Jupiter through an incredibly prosperous private seed round.

Even with Jupiter’s enormous success, investors are still looking into other projects that have a lot of potential. Insiders in the market have begun to favour Algotech (ALGT) after the platform’s private sale has come to an end.

The project’s focus on the neighbourhood helped it generate $1.1 million in just two days. Members of the project’s community will be granted access to advanced trading tactics such as mean reversion, algorithmic consolidation, and hedging, as well as governance rights and profit shares.

Unlike Jupiter, which has sustained a significant chunk with founders, Algotech (ALGT) promises to reinvest the majority of the project earnings back into the growth of the ecosystem.

The project’s presale is currently available for $0.04 at this time. That is anticipated to increase dramatically over the next several months, though.

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