Found one of the biggest tokens yesterday Air drops ever take place on the Solana (SOL) blockchain. Jupiter, Solana’s largest decentralized exchange (DEX) aggregator, distributed around $700 million of its JUP tokens to nearly a million wallets. This airdrop was accompanied by a lot of hype, which led to a significant increase in the token of the same name on the Ethereum (ETH) network.
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The Ethereum-based JUP token is booming
Just hours before the airdrop took place, an Ethereum-based token with the exact same name suddenly took off like a rocket.
This concerns Jupiter (JUP), a protocol for creating decentralized applications (dApps) that was launched in 2017.
The official website states that the protocol is no longer active. Nevertheless, the price fully benefited from the hype surrounding the Solanas JUP airdrop.
In just 2 hours, the price rose by around 175 percent to the absolute high of $0.0265. On Tuesday, the price hit a low of $0.005345, marking a total increase of almost 400 percent in just over a day.
Investors only had a short time to benefit from the extraordinary price increase. Just 45 minutes after the aforementioned peak, the price was already more than 40 percent lower.
The price is currently back to zero. The overall decline since the peak is more than 78 percent.
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Solana’s Jupiter Drop
The Solanas JUP airdrop was accompanied by an enormous transaction volume. More than $1.2 billion worth of cryptocurrencies were traded on Jupiter in 24 hours. In this regard, it even defeated Uniswap, the largest DEX on Ethereum.
Due to the massive size of the airdrop, Jupiter’s own developers feared that the Solana network would not escape completely unscathed. However, the Layer 1 blockchain will be completely wiped out upright to stay despite the enormous crowds.
According to data from Dune Analytics, 46 percent of all eligible wallets have now claimed their airdrop. This represents more than 437,000 wallets.
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