JUP, the native token of swaps aggregation engine Jupiter, has undergone main promoting in the final 24 hours after the Solana airdrop on Wednesday, January 31. At press time, HUP is buying and selling 62.7% down a worth of slightly below $0.60.
Is Jupiter Price Facing Pump and Dump?
Soon after the airdrop, the JUP worth rallied all the way in which to a excessive of $1.27 as per the info on CoinMarketCap. Also, the early bids got here round $0.41, which means, the JUP worth tripled in no time taking its market cap to a staggering 1.72 billion at its peak.
However, the JUP price has corrected by 60% since then with the buying and selling volumes skyrocketing to $1.2 billion. In a latest announcement by Airdrop Official shared particulars relating to the Jupiter token and its upcoming airdrop. Here are the important thing highlights:
- The whole provide of Jupiter tokens ($JUP) stands at a formidable 10 billion.
- A considerable variety of 955,000 wallets that engaged with Jupiter earlier than November 2nd are deemed eligible for participation in the airdrop.
- The distribution plan features a strategic allocation of 40% of the full token provide throughout 4 rounds of airdrops. The first spherical, slated to kick off the distribution, encompasses 10% of the full provide, equal to a considerable 1 billion tokens.
Interestingly, a 17-year-old additionally made a staggering $1,000,000 with the Jupiter airdrop.
🪂 Here’s some details about the Jupiter token and airdrop:
– Total of 10 billion $JUP tokens.
– 955,000 wallets that interacted with Jupiter earlier than Nov 2nd are eligible.
– 40% allotted to 4 rounds of airdrops, with 10% in the primary spherical (1 billion tokens). https://t.co/RfJq8i2lL9— Airdrop Official 🦇🔊 (@its_airdrop) December 1, 2023
Solana Maintains 100% Upside
“Remarkably, there were no significant issues” reported in the course of the preliminary part of the airdrop, said 7Layer, the nameless operator of the Overclock validator. “The server appeared quite normal.”
🚨 BREAKING: Solana maintains 100% uptime in the course of the peak site visitors of $JUP Jupiter airdrop declare and buying and selling. pic.twitter.com/3tWaOX9yqU
— SolanaGround | Powered by Step Finance (@SolanaGround) January 31, 2024
Nevertheless, the launch did encounter some challenges. Certain RPC nodes, performing as intermediaries for wallets and the community, confronted difficulties assembly person calls for, notably in the preliminary half-hour of the airdrop, based on validators engaged in discussions on Solana’s Discord server. ”
The common finish person encountered vital difficulties in the primary 30-45 minutes making an attempt to carry out any actions,” famous one validator on the server. “While the consensus layer performed well, let’s acknowledge that the user experience was less than optimal”.
Ultimately, the trajectory of Jupiter’s buying and selling volumes is prone to considerably affect the long-term prospects of the Jupiter worth.
However, potential traders ought to stay aware of the fixed threat that the joy surrounding the airdrop might have led to an extreme inflation of the JUP worth.
This state of affairs might make JUP weak to a short-term downturn. In the occasion that the Jupiter worth retraces in the direction of $0.40, it would current a horny alternative for long-term bulls to think about shopping for the dip.
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