Solana Token JUP Set To Launch Today, Might Hit $900 Million Market Cap

Updated: 31 January 2024

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

The Solana-based decentralized trading aggregator Jupiter will launch its native JUP token through an airdrop today at 10 a.m. EST.

Jupiter’s pseudonymous founder Meow said in a forum post on Jan. 30 that the token will have an initial maximum circulating supply of 1.35 billion, a reduction from the previously announced figure of 1.7 billion.

The Solana token could subsequently start trading with a market capitalization of $891 million, given that the JUP-USD perpetual currently trades at around 66 cents on Aevo.

More Than Half Of The Initial JUP Will Be Allocated To Airdrops

One billion tokens of the initial circulating supply have been set aside for airdrops. Market makers on centralized exchanges and liquidity pools will each receive 50 million tokens, while 250 million JUP will be used for a launch pool.

About 955,000 wallets that interacted with Jupiter before Nov. 2 are eligible for the JUP airdrop, according to data from Airdrop Official.

https://twitter.com/twobitidiot/status/1752394311960834314

The project’s founder intends to expand Jupiter by “bringing it to the mainstream.” In the forum post, Meow said that this would be the “most value added thing” the team can do.

During this expansion drive, Jupiter’s team aim to introduce “crucial financial systems” such as a global atomic market and a global distributed stock exchange.

If achieved, this should transform JUP from being a governance token for an exchange to “being the currency for a full fledged decentralized economy, “ said the project’s founder.

The Team Aims To Ensure The Project’s Longevity

From a long-term perspective, the team expects “Jupiter to be around for decades.” To ensure the longevity of the project while also keeping the community engaged, Meow has proposed a “Jupuary 31” take place every year. During these events, a “significant portion of tokens will be distributed to users.”