Traders Pump & Dump Other ‘JUP’ Amid $700M Jupiter Airdrop

A defunct Ethereum-based protocol that has been inactive for seven years experienced a significant surge in its token price, rising over 430% on January 31 which coincided with the launch of Solana-based exchange aggregator Jupiter’s $700 million airdrop for its token “JUP.” 

According to CoinMarketCap data, the value of JUP, a cryptocurrency built on the Ethereum platform, saw a notable increase from $0.005 on January 30 to $0.026 on January 31, followed by a decline to its current price of $0.007.

State Of Jupiter: Jupuary 20241. Most used trading platform in defi2. Direct 80% of organic volume3. Most used program in Solana4. Top 2 by vol on Coingecko5. Most integrated platform on Solana6. One of the top perp platforms ($1.4B volume last week)Deets:…

— Jupiter 🪐 (@JupiterExchange) January 30, 2024

During the initial 2.5 hours of the Jupiter claims going live, the network managed 2.5 million non-vote transactions.

Federa mentioned that although Solana’s gas fees experienced a significant increase at the peak of the claiming activity, reaching 0.01 SOL, he humorously referred to it as an “astronomical fee.” 

Despite the overall success of the airdrop, there were reports of complaints from users utilizing third-party apps like Phantom Wallet and Solflare during the initial hour. 

Federa clarified that the issue stemmed from RPC nodes, the interface connecting user wallets to the network, and not from Solana’s underlying infrastructure.

He emphasized that the base layer of Solana functioned as expected, demonstrating resilience in handling the high influx of user activity. The RPC layer experienced a minimal impact, and validators continued producing blocks in the network during the airdrop event.

At the same time, a seventeen-year-old crypto investor using the pseudonym “notxavierj” asserts that they have accumulated more than $1 million through the JUP airdrop on the Solana blockchain.

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2024-02-01 11:00