Trader Makes Over $1 Million in Jupiter Exchange Airdrop
An airdrop farmer has managed to accumulate over $1 million worth of Jupiter (JUP) tokens by using thousands of Solana wallet addresses. The trader received 1.85 million JUP tokens through 9,246 wallets on the Solana-based decentralized exchange (DEX). Despite a 69% price dip, part of the airdrop haul was liquidated on Jupiter for profits.
Deposits on Bybit and Mexc
The user deposited around $77,000 worth of airdropped tokens on Bybit and Mexc. According to LookOnChain, the trader held 319,000 JUP valued at $196,000 on-chain. This individual represents approximately 1% of the eligible wallets for Jupiter’s airdrop.
Jupiter’s Rise in Popularity
Jupiter has gained significant popularity as one of the leading Solana defi protocols following its recent DEX launch and two token distributions. The first distribution included the WEN memecoin as a salute to crypto culture and JUP creator Weremeow. This was followed by the distribution of JUP tokens to early supporters and users of the Solana DEX.
Controversies Surrounding Jupiter’s Token Launch
The token launch faced controversy due to concerns about a seven-day period where Weremeow and his team could sell 2.5% of JUP’s token supply if the price exceeded 70 cents. Users and airdrop recipients expressed fears that this could lead to a massive dump and undermine confidence in the project.
Solana DEX Surpasses Uniswap in Trading Volume
The Solana DEX has outperformed its peers, such as Uniswap, in terms of daily trading volume. In a frenzy to capitalize on the latest airdrop, traders have flocked to the Solana DEX, which recorded $1.2 billion in volume over 24 hours, nearly $300 million more than Uniswap.
Hot Take: Airdrop Farmer Strikes Gold in Jupiter’s Token Distribution
An airdrop farmer has reaped massive profits by accumulating over $1 million worth of JUP tokens through thousands of Solana wallet addresses. Despite controversy surrounding Jupiter’s token launch, the project has gained significant popularity and attracted traders seeking to benefit from airdrops. The Solana DEX has emerged as a top choice for traders, surpassing rivals like Uniswap in trading volume. As the crypto industry continues to evolve, airdrops present lucrative opportunities for astute traders looking to maximize their earnings.
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