A massive airdrop for Solana users causes a surge in the price of Jupiter (JUP)

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The Jupiter decentralized exchange (DEX) is believed to have executed an unprecedented airdrop on the Solana network, with the token price exceeding expectations by reaching around $0.75.

Jupiter

Immediately following the airdrop and listing on the centralized exchange (CEX) yesterday (01/31), the JUP token, initially trading around $0.4, quickly surged to about $0.75, surpassing the expectations of many.

Currently, the price of JUP fluctuates around $0.65, with a market capitalization reaching $6.5 billion.

Due to the large influx within a short period, the Solana network experienced congestion and couldn’t process transactions for the first 30 minutes of the claiming period. The Jupiter development team even expressed concerns that the airdrop could potentially crash both the project’s system and Solana.

Meanwhile, Meow, the founder, dubbed January as “Jupuary,” a month-long system test to ensure that the worst-case scenario did not occur.

In just about an hour from launch, over 20% of the total 1 billion JUP allocated for this airdrop has been claimed by users, according to data from Flipside.

The JUP launch surprised many as the project seemed less active on Solana but still received a significant airdrop. Users, with a minimum airdrop of 200 JUP, were able to claim approximately $130 if sold.

As announced, the Solana DEX plans to distribute 4 billion JUP, equivalent to 40% of the total token supply, in the form of airdrop/retroactive rewards over four different stages.

In the first stage, Jupiter distributed 1 billion JUP to 955,000 wallets that engaged in trades exceeding $1,000 on the DEX before the snapshot on November 2, 2023, with the distribution breakdown as follows:

  • 2% for all qualifying wallets;
  • 7% based on users’ accumulated trading volume;
  • 1% reserved for members of Jupiter’s Discord and Twitter community.

Khối lượng giao dịch trên Jupiter qua các tháng

This large airdrop event has caused a stir in the community, and Jupiter has achieved success with a record-breaking trading volume of $16.6 billion in December 2023.