Jupiter's JUP Token Makes a Grand Entry With $700M Airdrop on Solana Blockchain

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5 Feb 2024

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ALTCOINS
by David Sencil
3 days ago

Jupiter's JUP Token Makes a Grand Entry With $700M Airdrop on Solana Blockchain

Jupiter successfully launched its JUP token. The airdrop, one of the largest in crypto history, distributed an astounding $700 million worth of JUP tokens to almost a million wallet holders.

Jupiter’s JUP Token Airdrop Distributes to Nearly a Million Users

The cryptocurrency world witnessed one of the largest token airdrops in its history on Jan. 31, as Jupiter, a Solana-based decentralized trading aggregator, launched its native token, JUP. The event distributed approximately $700 million worth of JUP tokens to nearly a million wallets.
Jupiter’s founder, known pseudonymously as weremeow on X, announced the launch details in a forum post, revealing that the initial circulating supply of JUP would be 1.35 billion tokens, a reduction from the previously projected 1.7 billion. This adjustment brought the total supply to 10 billion JUP tokens, split evenly between team and community wallets. The airdrop constituted 10% of the total supply, amounting to 1 billion JUP.
The distribution was part of a broader strategy to engage and reward the community. The allocation included 250 million JUP for a launch pool, reduced from an initial 500 million, and 50 million each for loans to market makers on centralized exchanges and immediate liquidity pool needs. Additionally, a buffer of 33 million JUP was set aside for various contingencies.

The launch was notable not only for the scale of the airdrop but also for its impact on the Solana blockchain. Despite the massive influx of transactions, the network maintained stability, processing claims and trades on decentralized exchanges with minimal issues. However, some RPC nodes faced challenges in the initial 30 minutes, affecting the user experience.
By the end of the first hour, over 20% of the 1 billion JUP earmarked for the airdrop had been claimed. The token’s price showed remarkable growth, opening at $0.41 and reaching $0.72, pushing its fully diluted market cap above $6 billion.
Centralized exchanges, including Bybit, Binance, Bitfinex, and Okx, had listed JUP in anticipation of the launch. The token’s trading began shortly after the airdrop, with a starting price aligned with the liquidity pool’s price curve at approximately $0.40.
The retrospective airdrop targeted users who had interacted with the Jupiter platform before Nov. 2, 2023, with 955,000 wallets eligible.
The success of this launch not only benefits JUP holders but also bolsters confidence in the Solana network’s scalability and reliability.
Did you get a JUP airdrop, and if so did you immediately dump them? Share your thoughts and opinions about this subject in the comments section below.

TAGS IN THIS STORY

Airdrop, Crypto, Cryptocurrency, Jupiter (JUP), Solana

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David Sencil

David is a technology enthusiast who first became aware of crypto in 2017. By 2020, he was writing for crypto projects -- everything from whitepapers, website copy, to blog posts explaining the technology. He is fascinated by new blockchain innovations, financial markets, and crypto's evolving role in society.

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