Is Jupiter Price Facing Pump and Dump?
The native token of swaps aggregation engine Jupiter, JUP, experienced significant selling in the last 24 hours following the Solana airdrop on January 31. The price of JUP has dropped by 62.7% to just under $0.60.
After the airdrop, the price of JUP surged to a high of $1.27, tripling its value in a short period and reaching a market cap of 1.72 billion. However, since then, the price has corrected by 60% with trading volumes of $1.2 billion.
Jupiter Token Airdrop Details
A recent announcement by Airdrop Official provided details about the Jupiter token and its upcoming airdrop:
- The total supply of Jupiter tokens ($JUP) is 10 billion.
- About 955,000 wallets that interacted with Jupiter before November 2nd are eligible for participation in the airdrop.
- The distribution plan includes four rounds of airdrops, with the first round distributing 10% of the total supply (1 billion tokens).
Interestingly, a 17-year-old made $1 million with the Jupiter airdrop.
Solana Maintains 100% Uptime
The Solana network maintained 100% uptime during the peak traffic of the Jupiter airdrop and trading. No significant issues were reported during the initial phase.
However, certain RPC nodes faced difficulties meeting user demands in the first 30 minutes of the airdrop, affecting the user experience.
Hot Take: Prospects and Risks for Jupiter Price
The trading volumes of Jupiter will significantly impact its long-term prospects. However, investors should be cautious about the possibility of excessive inflation in the JUP price due to the airdrop hype.
If the price retraces towards $0.40, it could present an attractive buying opportunity for long-term bulls.
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