Jupiter, the decentralized exchange (DEX) on Solana (SOL) network, launched its new native token on Wednesday. The digital currency has the abbreviation JUP. Users of the platform can look forward to an airdrop of the token. About 955,000 wallets are eligible, of which more than 20% claimed the reserved tokens in the first hour.
The crypto airdrop appears to be a successful test
The digital currency initially has a maximum circulating supply of 1.35 billion tokens. According to CoinGecko, the coin was worth $2 for a few seconds. In just fifteen minutes the temperature stabilized course to a price of around $0.65, a valuation the token still has at the time of writing.
At this price, the total market capitalization is $860 million. This puts the project in 73rd place on CoinGecko’s top 100 list. An impressive introduction for a brand new coin.
The airdrop proved to be a good test to assess the impact on the Solana system and the new launchpad infrastructure. Despite the enormous activity surrounding the airdrop loved the state of the Solana network. Transactions were processed efficiently, although there were delays due to overload on some nodes. The increased activity resulted in significant profits for active participants and validators who benefited from preferential fees.
New milestone Solana
In addition to the massive activity that the JUP token generated, the network as a whole saw increased usage. Solana will reach an impressive milestone in early 2024 reached with a record number of around 458,000 new wallet addresses in one week.
This increase is partly due to the introduction of the Memecoin WEN and activities on the decentralized finance (DeFi) platform Jupiter. The developments show once again that Solana is a strong competitor among smart contract platforms that has a promising future both in the market and in technological advancements.
The Solana network has seen a number of very successful launches in the last few weeks. New memecoins such as the aforementioned WEN, but also BONK and WIF performed very well. Currently, one Solana token is worth $96.