JUP Token Soars After $700M Jupiter Airdrop to Solana Wallets

Avatar
Solana Weekend Price Prediction: Can SOL Go Higher?
Source: Solana

On Wednesday, the Solana blockchain executed one of its largest airdrops, sending roughly $700 million Jupiter (JUP) tokens to almost one million wallets. The airdrop succeeded without any major issues, as the blockchain stayed fully operational during and post-airdrop.

The JUP token made its debut at 10 am ET on Wednesday. Opening bids came in at $0.41 and by press time they’d climbed to $0.72, meaning that JUP had a first-day fully diluted market cap of over $6 billion.

Solana Spikes Amidst MarkSolana (SOL) Price Prediction: January End 2024et Volatility, How High Can SOL Go?

Also Read: Federal Reserve Keeps Interest Rates Unchanged to Start 2024

Arguably better than the JUP token’s opening day performance was how well the Solana blockchain operated during the airdrop. With the new activity on the blockchain, Solana held up well, even with the new trading of JUP on DEXs. According to 7Layer, the pseudonymous operator of the Overclock validator that processes transactions for the Solana blockchain, “Surprisingly, nothing notable” went wrong. Furthermore, the operator added, “The server has looked pretty close to normal.”

At press time, JUP is trading at $0.6722. After the notable surge, this price looks like the current settlement for Jupiter’s new token.