What happened to the $JUP airdrop?

• The Jupiter ($JUP) airdrop was one of the largest ever to occur on the Solana network.
• The JUP price has corrected by 60% since the airdrop, with trading volumes skyrocketing to $1.2 billion.
• Of all eligible wallets, 41% have now claimed their JUP tokens, with a total of 566 million JUP being claimed since the airdrop went live.

The cryptocurrency world has been abuzz with the recent airdrop of Jupiter tokens ($JUP). The event, which was one of the largest ever to occur on the Solana network, went off without a hitch, according to Austin Federa, the Solana Foundation’s head of strategy. The network handled a total of 2.5 million non-vote transactions in the first two and a half hours of Jupiter claims going live.

The Airdrop

The total supply of Jupiter tokens stands at an impressive 10 billion. A substantial number of 955,000 wallets that engaged with Jupiter before November 2nd were deemed eligible for participation in the airdrop. The distribution plan included a strategic allocation of 40% of the total token supply across four rounds of airdrops. The first round, which kicked off the distribution, encompassed 10% of the total supply, equivalent to a substantial 1 billion tokens.

The Aftermath

However, the aftermath of the airdrop has been a mixed bag. The JUP price has corrected by 60% since then, with trading volumes skyrocketing to $1.2 billion. This situation could make JUP vulnerable to a short-term downturn. In the event that the Jupiter price retraces towards $0.40, it might present an attractive opportunity for long-term bulls to consider buying the dip.

Winners and Losers

Among the winners of the airdrop was a seventeen-year-old pseudonymous crypto investor who goes by the handle notshort, claiming to have raked in over $1 million from the Solana-based JUP airdrop. Of all eligible wallets, 41% have now claimed their JUP tokens, with a total of 566 million JUP—57% of the total airdrop allocation—being claimed since the airdrop went live at 10:00 am Eastern Time on Jan. 31.

A Word of Caution

Prospective investors should remain mindful of the constant risk that the excitement surrounding the airdrop may have led to excessive inflation of the JUP price. Ultimately, the trajectory of Jupiter’s trading volumes is likely to significantly influence the long-term prospects of the Jupiter price.

While the Jupiter airdrop has been a significant event in the crypto world, it serves as a reminder of the volatility and risks inherent in the market. As always, investors are advised to do their due diligence and invest wisely.