Jupiter (JUP), the native token of the Jupiter blockchain, has surged by more than 70% in less than an hour, in an impressive demonstration of market dynamics. This spike coincided with the eagerly awaited Jupiter Airdrop on the Solana blockchain, drawing interest from enthusiasts and investors.
As to the statistics compiled by the Birdeye data aggregation platform, JUP experienced a significant increase in value, commencing at roughly $0.42 and swiftly surpassing $0.72. The cryptocurrency community is anxious about the official launch of Jupiter.
Data extracted from QuickNode Blog says that there’s an even sharing for all the qualified wallets that records 2% of the actual airdrop. The tiered scores from the distribution of the adjusted volume amounts do 7% – while the allocations meant for active members of the community on both the Discord and X platforms as well as developers amounted to 1%.
Jupiter Market Capitalization Positive, Airdrop Hype Linked to Token’s Performance
JUP has a market capitalization of about $1 billion based on the 1.35 billion tokens that are currently in circulation. Reaching a $1 billion market cap establishes JUP as a prominent participant in cryptocurrency, demonstrating the significant attention and capital that the Jupiter blockchain and its corresponding native coin have garnered.
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The ongoing Jupiter Airdrop on the Solana blockchain is intimately linked to the recent JUP value spike. The complementary qualities of the two blockchain projects play a part in the favorable perception of the airdrop and the ensuing increase in JUP’s value.
Data from Birdeye says that Jupiter opened at $0.42 and has since raised to $0.72, thus recording an increase of more than 70% in an hour. CoinMarketCap placed Jupiter at $2.04 after CoinGecko placed it at $2 as of January 28. Both analytical platforms also reported a major drop in price since the 28th. An absence of liquidity has been linked to the recent development affecting the token’s launch.
Solana Congested, Experiencing Many Failed Transactions
Solana is currently stable, and no significant price decline has been reported yet. According to the Solana blockchain report, it handles over 2000 every second. Jupiter’s feedback page has stated that the network is currently congested, and a delayed transaction is possible.
Meanwhile, recent developments have made experts question Solana’s ability to handle huge transactions. Some users have also gone to social media to express their displeasure at a series of failed transactions while on the Solana network.
Solana DeFi has processed over $700 million of transactions in the last 24 hours. The volume of Solana’s DeFi on October 1, 2023, was only $48 million, but to skyrocket by 20x in trading volume four months later. The company once stated that they are working with many other protocols to perfect the Jupiter performance and airdrop.
Solana to Leverage Airdrop for Ground-testing, Firms Partnership
It is believed that the airdrop is a stress test for the Solana blockchain, judging from more than 900,000 wallets anxiously waiting for the launch. This launch has left the nature Solana management nervous, considering this is the first significant test it is going through.
Phantom, a wallet company, and Marinade, a staking protocol, are named as some of the major partners. It was also gathered that Jupiter currently supports 27 DEXs on the Solana network. As of press time, Jupiter has recorded more than $500 million in trading volume in the last 24 hours, all linked to the most hyped airdrop.