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Home»ADOPTION NEWS»Jupiter has a daily trading volume of nearly $1.4 billion due to its token launch.
ADOPTION NEWS

Jupiter has a daily trading volume of nearly $1.4 billion due to its token launch.

By Crypto FlexsFebruary 1, 20243 Mins Read
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Jupiter has a daily trading volume of nearly .4 billion due to its token launch.
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Solana DEX Aggregator Jupiter yup

-70.13%
It recorded a trading volume of $1.38 billion in the last 24 hours.

This figure more than doubles Jupiter’s recent daily trading volume, making it the top DEX platform over the past 24 hours.

Yesterday’s much-anticipated Jupiter token launch and airdrop led to a surge in activity on the Solana network, with web3 wallet Phantom saying it had never seen this level of traffic. This has seen three times the total traffic volume since the recent launch of the WEN meme token.

Jupiter’s daily trading volume. Image: Jupiter.

JUP token launch and airdrop

Jupiter’s new governance token began trading at 10 AM ET yesterday, with the token’s initial price set at $0.40 in Jupiter’s primary liquidity pool, in line with the pool’s price curve. Centralized exchanges later began offering trading of the token, including Bybit, Binance, Bitfinex, and OKX.

According to The Block’s pricing page, JUP is currently trading at $0.60, up 50% from its initial trading price. This gives it a market capitalization of $808 million and a fully diluted value of $6 billion.

Approximately 1.35 billion tokens, or 13.5% of the total supply of 10 billion, are in circulation at launch.

Jupiter simultaneously held an initial token airdrop. The retroactive airdrop rewards early users who traded at least $1,000 to 955,000 wallet addresses on the platform before November 2nd. According to the Dune Analytics dashboard, 62.9% of JUP tokens have currently been claimed by over 450,000 addresses.

In total, the project plans to airdrop 4 billion tokens, equivalent to 40% of Jupiter’s total supply, to users over four phases. According to Jupiter, future airdrop rounds will also reward new users.

User complaints about launch pool

The token launch did not pass without controversy. Some users complained about the token release pool that the team uses to sell tokens to the public.

In response, Meow, the pseudonymous founder of the project, said the team was transparent about the mechanics of the launch pool. The founder claimed that the team’s sales percentage decreased from 20% of the token supply to 5% and then 2.5%. Meow added that the team was able to raise more funds through an initial DEX offering or over-the-counter sales. This means choosing a more transparent approach.

“This way, airdrop recipients have a large pool to sell to on an ongoing basis, while potential buyers have confidence that there is a large pool that can absorb the large selling pressure from the airdrop and receive large, immediate rewards,” Meow said. It works,” Meow said.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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