Airdrop Jupiter $700 Million Caused the Price to Skyrocket Unbelievably!


"Fulamak is going up like crazy, have you who bought it made a profit?"

One of the biggest airdrops ever on the Solana chain (SOL) was successfully implemented yesterday without major problems where Jupiter started distributing $700 million of JUP tokens he founded to almost a million wallets.

The streak, the price of JUP which previously hovered below $0.005 quickly climbed up to $2.20 before falling back a bit.

However, the launch was not entirely without disruption as some RPC nodes which are intermediaries for wallets and the network struggled to meet user demand especially in the first 30 minutes of the airdrop.

One hour after the launch, more than 20% of the 1 billion JUP reserved for Wednesday's airdrop was claimed and Jupiter allocated the majority of its tokens to be distributed to people trading through the routing service that owns the on-chain swap on SOL.

Jupiter has overseen two airdrops this month namely mockJUP and WEN that test its design for liquidity pools on the chain as well as Jupiter's new launchpad infrastructure created to launch a new token called LFG.

Although small traders received tens or hundreds of dollars worth of tokens from Jupiter in January, the real winners were the validators who earned the maximal extractable value (MEV) priority fee*, commented Solana Step Finance data service co-founder George Harrap.

*Maximum value can be extracted from block production in excess of standard block reward and gas fees by including, excluding and changing the order of transactions within the block

As of this writing, JUP price plunged by 62.29% to $0.59 in the last 24 hours with a market capitalization of $805 million further recording a 62.27% decline over the last week.