Bitcoin

Jupiter

In the last day, the decentralized exchange aggregator Jupiter saw a substantial trading volume of nearly $1.4 billion. This surge coincided with the launch of its own cryptocurrency token.<img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/01/Add-a-heading-2.gif?fit&#61;1590%2C200&amp;ssl&#61;1" />Cryptos Headlines Platform Has Launched Its Native Token&#39;s Airdrop for the Public <a href="https://docs.google.com/forms/d/e/1FAIpQLSdcZ8FFeiEQ5LdbD5GCT-E4w0cMLn-Wt6FbIxq4IbSsWDu2SQ/viewform" rel="noopener noreferrer nofollow">Join Airdrop Now</a>In the past 24 hours, Solana DEX aggregator Jupiter (JUP) facilitated an impressive $1.38 billion in trading volume, marking a significant increase compared to its recent daily trading volume. This <a href="https://cryptosheadlines.com/cronos-surges-57-in-weekend-rally-tops-top-100-crypto-ranking/" rel="noopener noreferrer nofollow">surge solidifies Jupiter’s position as the top</a> DEX platform during this period.<h3 id="jupiter-token-launch-and-airdrop-spark-solana-network-surge">Jupiter Token Launch and Airdrop Spark Solana Network Surge</h3>Yesterday marked the highly-anticipated launch of the Jupiter token and accompanying airdrop, igniting a surge in activity on the <a href="https://cryptosheadlines.com/coinbase-adds-support-for-solana-network-airdrop/" rel="noopener noreferrer nofollow">Solana network</a>. Web3 wallet Phantom reported unprecedented levels of traffic, surpassing even the recent WEN <a href="https://cryptosheadlines.com/huobi-to-list-new-meme-token-following-pepe/" rel="noopener noreferrer nofollow">meme token</a> launch by threefold.<img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/cryptosheadlines015.webp?resize&#61;640%2C529&amp;ssl&#61;1" />Jupiter daily trading volume. Image: <a href="https://station.jup.ag/stats/day" rel="noopener noreferrer nofollow">Jupiter</a>.The governance token for Jupiter began trading at 10 a.m. ET, initially priced at $0.40 on the platform’s native liquidity pool, in alignment with the pool’s price curve. Major <a href="https://cryptosheadlines.com/ethereum-holders-increasingly-transferring-coins-to-centralized-exchanges-on-chain-data-reveals/" rel="noopener noreferrer nofollow">centralized exchanges</a> like Bybit, Binance, Bitfinex, and OKX quickly followed suit, offering trading for the token.<blockquote>As of now, JUP is trading at $0.60, marking a 50% increase from its initial trading price. This surge has propelled its market cap to $808 million, with a fully diluted value of $6 billion. At launch, 1.35 <a href="https://cryptosheadlines.com/binance-destroys-2-65-billion-tokens-in-11th-bnb-burn/" rel="noopener noreferrer nofollow">billion tokens</a>, equivalent to 13.5% of the total 10 billion supply, were in circulation.</blockquote>Simultaneously with the <a href="https://cryptosheadlines.com/trons-trx-token-launched-on-ethereum-blockchain-price-surge-12/" rel="noopener noreferrer nofollow">token launch</a>, Jupiter initiated its initial token airdrop, targeting users who traded at least $1,000 on the platform before November 2. This retrospective airdrop aims to reach 955,000 wallet addresses, with 62.9% of JUP tokens already claimed across over 450,000 addresses, as per a Dune Analytics dashboard.Cryptos Headlines Platform Has Launched Its Native Token&#39;s Airdrop for the Public <a href="https://docs.google.com/forms/d/e/1FAIpQLSdcZ8FFeiEQ5LdbD5GCT-E4w0cMLn-Wt6FbIxq4IbSsWDu2SQ/viewform" rel="noopener noreferrer nofollow">Join Airdrop Now</a><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/01/Add-a-heading-2.gif?fit&#61;1590%2C200&amp;ssl&#61;1" />Over the course of four phases, the project intends to airdrop a total of four <a href="https://cryptosheadlines.com/shiba-inu-burns-2-billion-tokens-in-july-eyes-0-0001-next/" rel="noopener noreferrer nofollow">billion tokens</a>, comprising 40% of Jupiter’s total supply, to users. Future airdrop rounds will also extend rewards to new users, according to Jupiter’s plans.<a href="https://cryptosheadlines.com/shibs-explosive-journey-by-january-2024-from-1k-to-9m/" rel="noopener noreferrer nofollow">Also Read: SHIB&#39;s Explosive Journey by January 2024: From $1K to $9M</a><h3 id="controversy-surrounds-jupiter-token-launch">Controversy Surrounds Jupiter Token Launch</h3>Amid the excitement of the Jupiter token launch, controversy arose as some users raised concerns about the token <a href="https://cryptosheadlines.com/binance-pool-launches-bitcoin-cash-bch-mining-service/" rel="noopener noreferrer nofollow">launch pool</a> being utilized by the team to sell tokens to the public.Cryptos Headlines Platform Has Launched Its Native Token&#39;s Airdrop for the Public <a href="https://docs.google.com/forms/d/e/1FAIpQLSdcZ8FFeiEQ5LdbD5GCT-E4w0cMLn-Wt6FbIxq4IbSsWDu2SQ/viewform" rel="noopener noreferrer nofollow">Join Airdrop Now</a><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/01/Add-a-heading-2.gif?fit&#61;1590%2C200&amp;ssl&#61;1" />In response to these concerns, the project’s pseudonymous founder, Meow, emphasized transparency regarding the mechanics of the launch pool. Meow stated that the team had initially allocated a sales ratio of 20%, which was subsequently reduced to 5%, and then to 2.5% of the token supply. The founder further noted that the team could have pursued alternative fundraising methods, such as an initial DEX offering or over-the-counter sales, but opted for a more transparent approach.Explaining the rationale behind this decision, Meow highlighted that by structuring the launch in this manner, airdrop recipients would have access to a significant pool for selling, while prospective buyers would be assured of a substantial pool capable of absorbing <a href="https://cryptosheadlines.com/nansen-selling-pressure-on-ether-after-shanghai-upgrade-was-insignificant/" rel="noopener noreferrer nofollow">selling pressure</a> from airdrops. This approach aimed to mitigate the risk of immediate significant losses for buyers.Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

Jupiter Records $1.4B Daily Volume During Token Launch

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