Jupiter’s JUP Token Airdrop Sparks Surge in Solana DEX Trading Volume
Jupiter’s massive JUP token airdrop claim began Wednesday, and volume on the Solana decentralized exchange (DEX) aggregator soared to new heights in the process.
According to data from both CoinGecko and Jupiter itself, the platform has racked up more than $1.2 billion worth of daily trading volume over the past 24 hours. That makes it top among all crypto DEXes, beating typical leader Uniswap V3 on Ethereum with $854 million (per CoinGecko). Note that the tally does not include Uniswap volume on other chains.
Jupiter’s 24-hour rolling tally also appears to be an all-time record for the protocol, which has recently seen surging demand. Another data source, DeFi Llama, shows that Jupiter’s single calendar-day volume record is just above $1 billion on December 14, 2023.
No Tokens for Today’s Traders
Today’s traders won’t get anything from the initial JUP airdrop, which serves up 1 billion tokens for earlier Jupiter users to claim. Jupiter took a snapshot of eligible wallets in November and said that about 955,000 wallets could claim tokens during the drop.
But there’s reason to be optimistic: Jupiter has allocated another 3 billion tokens, 30% of the total token supply, for future airdrops to reward newer users. The timing for the next airdrop has not yet been announced, however, and amid the buzz of claim day and the sizable drops landing in Solana wallets, traders are eager to start racking up activity on the platform.
JUP Market Performance
Jupiter opened up the claim at 10 a.m. ET and the coin started with a market price of about $0.42, according to data from Birdeye. JUP quickly popped over 70% to a price above $0.72, but it has since calmed to a current price below $0.67.
Even with the sinking price late Wednesday, JUP commands a market cap of about $914 million based on the current circulating supply, and the token has generated over $500 million in trading volume in less than nine hours.
According to a Dune dashboard that tracks public blockchain data, eligible wallets have already claimed about 566 million JUP tokens out of the initial 1 billion JUP airdrop allocation. Nearly 392,000 unique wallet addresses have claimed tokens so far, as of this writing.
SOL itself has fallen about 6% on the day to the current price of around $97, according to CoinGecko, after bouncing up and down since the JUP drop.
Hot Take: Jupiter’s Airdrop Sparks Record Solana DEX Trading Volume
Jupiter’s JUP token airdrop has not only attracted a surge in trading volume on the Solana decentralized exchange (DEX), but it has also set new records for Jupiter itself. With over $1.2 billion worth of daily trading volume in the past 24 hours, Jupiter’s DEX aggregator now tops all crypto DEXes, including Uniswap V3 on Ethereum. While today’s traders won’t benefit from the initial airdrop, Jupiter has set aside 3 billion tokens for future rewards. The market performance of JUP has been volatile but promising, with significant trading volume and a market cap of approximately $914 million. The success of this airdrop signals growing interest in Jupiter and the Solana ecosystem.
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