Jupiter (JUP) slumped as much as 70% on its debut after conducting one of the largest airdrops on the Solana blockchain, with around $700 million worth of JUP tokens distributed to nearly one million wallets.<\/p>\n
The token started trading yesterday at around $0.41 and, within a few hours, surged to $2 before its slump. It’s since pared losses and is down 14% as of 1 p.m. EST to trade at $0.5877. Its market cap stands at $793 million.<\/p>\n
Trading volume was an astronomical $1.37 billion, according to CoinMarketCap<\/a>.<\/p>\n An Ethereum-based token with the same ticker also jumped by over 400% yesterday briefly before dumping as investors seemingly mistook it for SOL’s JUP.<\/p>\n JUP allocated one billion tokens for its initial airdrop. Data from Dune<\/a> shows 625 million JUP tokens have been claimed so far with 47% of the eligible wallet addresses having claimed their share of the airdrop. About 20% of the airdrop tokens were claimed within the first hour.<\/p>\n The tokens will go towards early users of the Jupiter protocol.<\/p>\n This airdrop is not the last for the Jupiter protocol. It has allocated an additional 3 billion JUP tokens for future airdrops targeting new users. The protocol has yet to announce the timing of future drops.<\/p>\n Given the size of the airdrop, there were initial concerns that it would wreak havoc on Jupiter systems and cause downtime on the Solana blockchain. But the network has been hailed for maintaining a 100% uptime.<\/p>\n 🚨 BREAKING: Solana maintains 100% uptime during the peak traffic of $JUP<\/a> Jupiter airdrop claim and trading. pic.twitter.com\/3tWaOX9yqU<\/a><\/p>\n — SolanaFloor | Powered by Step Finance (@SolanaFloor) January 31, 2024<\/a><\/p><\/blockquote>\nJUP Token Airdrop<\/h2>\n
Systems Hold Up<\/h2>\n
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