JUP Declines 3% as Solana-Based Jupiter Announces Airdrop Details
JUP, a token tied to the decentralized swap aggregator on Solana, has fallen 3% over the past 24 hours, now trading at $0.90. The decline comes as the platform gears up for its next airdrop.
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JUP has now shed 25% from its recent peak of $1.20, which was driven by a weekend surge in trading activity on Solana on Solana’s decentralized exchanges (DEX). According to DefiLlama, weekly trading volumes on Solana DEXes tripled during this time, fueled by the launch of a Trump-backed memecoin.
Last week, Jupiter announced the start of eligibility checks for the airdrop. On Tuesday, January 22, at 10:30 AM ET, the platform will officially begin accepting applications for the token distribution.
Around 2 million eligible wallets, divided into three user groups, will be able to claim their share of 700 million JUP tokens, valued at $630 million at current market prices.
However, Jupiter cautioned users about potential issues during the distribution process. The platform anticipates that the Solana network could face congestion, resulting in higher transaction fees. To ease concerns, Jupiter emphasized that users will have three months to claim their tokens, eliminating any need to act immediately.
Participation requires users to create a profile on Jupiter, which involves providing an email address. Users with multiple eligible wallets must register each wallet separately to claim their tokens.
This latest JUP distribution was approved through a DAO proposal, which received support from more than 87% of voters. Under the proposal, Jupiter will conduct two airdrops of 700 million JUP tokens each, slated for 2025 and 2026.
Jupiter’s first airdrop occurred in January 2024, when 1 billion tokens were distributed to wallets that had interacted with the platform’s products. Following the airdrop, JUP reached an all-time high of $2.00 within a week, but its price has since declined by 55%, now trading at $0.90.
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