The Jupiter Token Airdrop: Solana Network Holds Steady Amid High Demand
The highly anticipated Jupiter token airdrop commenced on Wednesday morning, with the Solana-based decentralized exchange (DEX) aggregator launching its JUP token to nearly a million eligible wallets. Despite the immediate demand, the network is holding steady.
JUP Price Surge and Market Cap
According to data from Birdeye, JUP opened at around $0.42 and quickly climbed above $0.72 within an hour, marking a more than 70% increase. Currently, JUP has a market cap of approximately $1 billion based on its circulating supply of 1.35 billion tokens out of a total of 10 billion JUP that will eventually be available.
Discrepancy in Opening Price
There is some discrepancy over the opening price, as CoinGecko reports a starting price of $2.00 while CoinMarketCap pegs it at $2.04. The wide range can be attributed to the initial lack of liquidity during new token launches.
Solana Network Stability
Despite concerns about whether the Solana network could handle the high demand, it has remained stable so far. There have been no reported downtime or outages according to Solana’s status page and blockchain explorer. However, users have experienced failed transaction attempts due to network congestion.
SOL Price Update
SOL itself has seen a slight increase since the airdrop began, with a current price of about $101 according to CoinGecko.
Hot Take: Solana’s Successful Handling of Jupiter Token Airdrop
The Solana network has demonstrated its ability to handle high demand during the Jupiter token airdrop. Despite some initial transaction failures and discrepancies in the opening price, Solana has remained stable without any reported downtime or outages. This successful handling of the airdrop showcases the network’s scalability and reliability. As the JUP token continues to gain traction, Solana’s performance during this event bodes well for its future growth and adoption.
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