Solana

Jupiter

An airdrop farmer has made over $1 million in Jupiter tokens after creating nearly 10,000 Solana wallet addresses, according to a February 1 X post. 
<a href="https://twitter.com/lookonchain/status/1753016097941680638?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1753016097941680638%7Ctwgr%5E23c4f4a634edac312909354beaaeb740a0d29e4c%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcrypto.news%2Fjupiter-airdrop-farmer-earns-1-1m-using-thousands-of-wallets%2F">Blockchain tracking firm Lookonchain revealed</a> that the airdrop farmer had received 1.85 million Jupiter tokens through 9,246 wallets. 
<h2 id="airdrop-farmer-creates-1-of-all-eligible-wallets">Airdrop Farmer Creates 1% of All Eligible Wallets</h2> 
 Following the airdrop, a portion of the received tokens, valued at over $1 million even after a 69% price decline, was sold on the Jupiter platform to generate profits. 
The user deposited approximately $77,000 in airdropped tokens on both Bybit and Mexc. According to Lookonchain, the airdrop farmer possessed 319,000 JUP, which were valued at $196,000 on-chain. This individual represents roughly 1% of the eligible wallets for Jupiter’s airdrop. 
It seems someone made $1.17M in the <a href="https://twitter.com/search?q=%24JUP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$JUP</a> <a href="https://twitter.com/hashtag/airdrop?src=hash&amp;ref_src=twsrc%5Etfw">#airdrop</a>! 
Wallet"7poJrJ" received an airdrop of 1.85M <a href="https://twitter.com/search?q=%24JUP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$JUP</a>($1.17M) via ~9,246 wallets. 
Then sold 1.4M <a href="https://twitter.com/search?q=%24JUP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$JUP</a>($898K) at $0.6371 on <a href="https://twitter.com/hashtag/DEX?src=hash&amp;ref_src=twsrc%5Etfw">#DEX</a>, and deposited 121K <a href="https://twitter.com/search?q=%24JUP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$JUP</a>($77K) to <a href="https://twitter.com/hashtag/Bybit?src=hash&amp;ref_src=twsrc%5Etfw">#Bybit</a> and <a href="https://twitter.com/hashtag/MEXC?src=hash&amp;ref_src=twsrc%5Etfw">#MEXC</a>. 
The wallet has 319K <a href="https://twitter.com/search?q=%24JUP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$JUP</a>($196K) left currently. <a href="https://t.co/llz2fWYWJN">pic.twitter.com/llz2fWYWJN</a> 
— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1753016097941680638?ref_src=twsrc%5Etfw">February 1, 2024</a> 
The revelation has generated controversy on X, with many users speculating that the farmer was an insider. 
“He is someone from the company of course,” commented user @Anseriin. “He knew what to do and when. It’s always the same pattern.” 
<h2 id="wen-and-jup-airdrops">WEN and JUP Airdrops</h2> 
 <a href="https://cryptonews.com/news/jupiter-price-prediction-as-solana-airdrop-creates-a-new-crypto-unicorn-how-to-check-jup-eligibility.htm">Jupiter has rapidly gained popularity</a> as one of the leading Solana DeFi protocols, especially after the recent launch of its decentralized exchange and two consecutive token distributions. 
Jupiter users initially received the WEN memecoin as a nod to crypto culture and the creator of JUP, Weremeow. This token was inspired by a fractionalized NFT poem, serving as a stress test for an upcoming airdrop. 
<a href="https://cryptonews.com/news/solana-based-jupiter-to-distribute-1-billion-jup-tokens-in-upcoming-airdrop.htm">Jupiter then began distributing</a> its native token, JUP. This initiative allocated $700 million in tokens to early supporters and users of the Solana DEX. The launch faced controversy, however, particularly regarding a seven-day period during which Weremeow and his team could sell 2.5% of JUP’s 10 billion token supply, but only if the price remained above 70 cents. 
This approach raised concerns among users and airdrop recipients, who feared a potential major sell-off could undermine confidence in the project. 
Jupiter’s native token is currently trading at $0.00584, according to <a href="https://coinmarketcap.com/currencies/jupiter/">CoinMarketCap</a>.

Jupiter Airdrop Farmer Makes $1.1 Million Using Nearly 10,000 Wallets After Token Launch

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Cryptonews.com

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