Jupiter (JUP) skyrocketed after a "huge" airdrop for Solana users

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3 Feb 2024

DEX Jupiter is said to have had the largest airdrop ever on Solana, the token price also exceeded expectations when it increased to around 0.75 USD.

After the airdrop and listing on the CEX exchange last night (January 31), the JUP token that was initially ordered around the price of 0.4 USD quickly skyrocketed to around 0.75 USD, far exceeding expectations. price for many people.

Currently JUP is hovering around $0.65, giving it a fully diluted capitalization of $6.5 billion.

JUP/USDT 15m frame chart on Binance taken at 10:40 am on February 1, 2024

Because of the large amount of traffic pouring in over a period of time, the Solana network within the first 30 minutes of opening a claim had a congestion problem and could not process transactions. Jupiter developers are even worried that the airdrop will crash the project's system and Solana.

Meanwhile, Meow founder has called "Jupuary" (January) a month to test the system to ensure the worst will not happen.

After about 1 hour of launch, more than 20% of the 1 billion JUP reserved for this airdrop was claimed by users, according to the Flipside data table.

JUP's launch also surprised many people when they didn't seem to be too active on Solana but still received a "sky-falling" amount of airdrops. With a minimum air of 200 JUP, users have about 130 USD for themselves if sold.

As announced, the Solana DEX will set aside 4 billion JUP, equivalent to 40% of the total token supply, asrewards for usersin the form of airdrop/retroactive through 4 different stages.

In the first stage, Jupiter released 1 billion JUP to 955,000 wallets that participated in a minimum transaction of 1,000 USD on the DEX before the snapshot deadline of November 2, 2023, with the distribution rate:

2% tokens for all eligible wallets;
7% based on user's cumulative volume;
The remaining 1% goes to Jupiter's Discord and Twitter community members.

Creating buzz from the huge airdrop to the community, Jupiter itself also achieved a lot of success when reaching a record trading volume of 16.6 billion USD in December 2023.

Trading volume on Jupiter over months. Source: Jupiter Station (February 1, 2024)