Solana-based decentralized exchange (DEX) aggregator Jupiter just launched a massive airdrop of its native Jupiter (JUP) token, with the Jupiter price subsequently storming higher to turn the protocol into crypto’s latest unicorn.
A crypto unicorn is defined as a project/token with a market cap of over $1 billion.
As per DEXTools’, the Jupiter price was last around $0.65, giving it a market cap of just under $1 billion.
But given just 1.35 billion tokens are currently circulating out of a total of 10 billion, the protocol’s fully diluted market cap was last around $7.18 billion.
The Jupiter airdrop went live at 1000 am EST.
On decentralized exchanges, the Jupiter price quickly pumped around 70% from around $0.41.
As per a Flipside dashboard, 47.3% of the 1 billion airdropped JUP tokens have been claimed by eligible wallets.
As per Airdrop Official, 955,000 wallets were eligible to receive JUP tokens.
🪂 Here’s some information about the Jupiter token and airdrop:
– Total of 10 billion $JUP tokens.
– 955,000 wallets that interacted with Jupiter before Nov 2nd are eligible.
– 40% allocated to 4 rounds of airdrops, with 10% in the first round (1 billion tokens). https://t.co/RfJq8i2lL9— Airdrop Official 🦇🔊 (@its_airdrop) December 1, 2023
Jupiter’s JUP token will be dropped via 4 separate airdrop events.
Allegedly, a 17-year-old made over $1 million via the Jupiter aidrop.
Incredible news today! A 17-year-old just rocked the crypto world by earning over $1,000,000 with $JUP Airdrop!
— Elja (@Eljaboom) January 31, 2024
How to Check JUP Eligibility?
Solana network users can check their availability to receive free JUP tokens via Solana Airdrop Checker.
All they need to do is post their Solana wallet address into the space and hit enter.
The website will then tell them what, if any, Solana airdrops they are eligible for.
If eligible, Solana users can head over to Jupiter’s LFG Launchpad, connect their wallet and claim their tokens.
Jupiter Price Prediciton – Where Next for JUP?
Given the JUP token is only on its first day of trade, chart analysis is very unhelpful for trying to predict the future Jupiter price.
Looking at the protocol’s tokenomics and fundamentals is a better starting point.
On the day of its token launch, Jupiter’s DEX volume surpassed $1 billion for the first time this month.
Weekly trading volumes could this week recover back to the highs seen in December around $4-5 billion.
Those are big trading volumes, worthy of a DEX with a market cap in the multiples of billions.
Ultimately, the future path of Jupiter’s trading volumes will likely have the greatest impact on the Jupiter price’s long-term outlook.
But potential investors should remember the ever-present risk that airdrop hype has resulted in an over-inflation of the JUP price.
That could leave JUP ripe to a short-term pullback.
If the Jupiter price falls back towards $0.40, this could be a nice dip for the longer-term bulls to buy.
This news is republished from another source.
