Solana DEX aggregator Jupiter records $1.39 billion trading volume in 24 hours
Solana DEX aggregator Jupiter facilitated a record $1.39 billion in trading volume over the past 24 hours. This figure is more than double the daily trading volume Jupiter saw in recent days, making it the top DEX platform over the last 24 hours.
Yesterday’s Jupiter token launch and airdrop on the Solana network caused a surge in activity, with web3 wallet Phantom reporting unprecedented levels of traffic. The token started trading at $0.40 and is currently priced at $0.60, up 50% from its initial trading price.
JUP token launch and airdrop
Jupiter’s new governance token began trading at $0.40 on its native liquidity pool before being listed on centralized exchanges such as Bybit, Binance, Bitfinex, and OKX. The current price of JUP is $0.60, giving it a market cap of $808 million and a fully diluted value of $6 billion.
A total of 1.35 billion tokens, or 13.5% of its total supply, are in circulation at launch. Additionally, the project initiated an airdrop for early users who traded at least $1,000 on the platform before Nov. 2, targeting 955,000 wallet addresses.
User complaints about launch pool
Some users raised concerns about the token launch pool being used by the team to sell tokens to the public. In response, the project’s founder stated that they were transparent about the mechanics of the launch pool and that the team’s allocation was reduced to address these concerns.
The founder emphasized that choosing this approach allowed airdrop recipients to have a large pool to sell into while providing assurance to prospective buyers. The team could have raised more funds through alternative methods, but they opted for transparency.
Hot Take: Jupiter’s Record-Breaking Trading Volume and Token Launch
Solana DEX aggregator Jupiter achieved a remarkable trading volume of $1.39 billion in just 24 hours, making it the top DEX platform during that period. The launch of Jupiter’s governance token, JUP, and its subsequent airdrop garnered significant attention and activity on the Solana network.
Despite some user complaints about the token launch pool, Jupiter’s founder defended the project’s transparency and allocation decisions. With the current price of JUP at $0.60 and a market cap of $808 million, Jupiter’s token launch has been successful so far.
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