Solana's Jupiter Skyrockets, Dominating Ethereum and Uniswap with a $1.2 Billion Daily Surge

Jupiter is stealing the spotlight with a trading frenzy during the JUP airdrop on Solana, leaving Ethereum's Uniswap V3 trailing behind. The massive JUP token airdrop, which kicked off on Wednesday, sent Solana's decentralized exchange (DEX) aggregator into an unprecedented surge in trading activity. Both CoinGecko and Jupiter's own data reveal that the platform has notched up a staggering $1.2 billion in daily trading volume in the last 24 hours, making it the reigning champion among all crypto DEXes. This achievement surpasses Uniswap V3 on Ethereum, which recorded $854 million (per CoinGecko), and it's worth noting that Uniswap volume on other chains is not included in this tally.
Jupiter's 24-hour rolling tally sets a new all-time record for the protocol, reflecting the recent surge in demand. According to DeFi Llama, Jupiter's single calendar-day volume record reached just above $1 billion on December 14, 2023. While today's traders may not benefit from the initial JUP airdrop, offering 1 billion tokens for earlier Jupiter users to claim, optimism prevails. Jupiter has earmarked an additional 3 billion tokens, representing 30% of the total token supply, for future airdrops to reward newer users. Although the timing for the next airdrop remains undisclosed, traders are eagerly anticipating it amidst the excitement of claim day and the influx of sizable drops into Solana wallets.
Jupiter initiated the claim at 10 a.m. ET, with the coin starting at a market price of approximately $0.42, according to Birdeye data. JUP quickly surged over 70% to a price above $0.72 but has since stabilized to the current price below $0.67. Despite the late Wednesday dip in price, JUP boasts a market cap of about $914 million based on the current circulating supply, with the token generating over $500 million in trading volume in less than nine hours.
According to a Dune dashboard tracking public blockchain data, eligible wallets have already claimed around 566 million JUP tokens out of the initial 1 billion JUP airdrop allocation. As of this writing, nearly 392,000 unique wallet addresses have claimed tokens. Even as SOL itself dipped about 6% on the day to the current price of around $97, according to CoinGecko, following the JUP drop, the dynamic Solana ecosystem continues to captivate the crypto world with its impressive performance.