Solana’s Jupiter Exchange Takes the Lead in Crypto Trading.
In a remarkable surge, trading volumes on Solana’s Jupiter Exchange have skyrocketed to $480 million in just 24 hours. A frenzy around a new memecoin airdrop and a significant uptick in stablecoin exchanges fuels this impressive feat.
Jupiter’s trading activity has even surpassed Ethereum-based Uniswap, with both its v2 and v3 protocols combined only hitting $470 million in the same timeframe, according to the latest data from CoinGecko. This marks a significant milestone for Jupiter, outstripping one of the most prominent players in the crypto exchange arena.
Jupiter has notched $480 million in trading volume in the last 24 hours. Source: CoinGecko
A substantial $50 million of Jupiter’s total daily trading volume is attributed to the trade of Wen, a newly introduced memecoin. The coin has sparked immense interest and is available to any Solana user who interacted with Jupiter in the past six months and to owners of the Solana Saga phone. Crafted as an experimental venture by Jupiter developers, Wen precedes the highly anticipated airdrop of Jupiter’s native JUP token, which is expected to debut on January 31.
However, the lion’s share of Jupiter’s trading volume stems from swapping Solana’s SOL for popular stablecoins USD Coin (USDC) and Tether (USDT), contributing $191 million to the day’s total volume.
Currently, pre-market JUP tokens are trading at approximately $0.61, per data from perpetual on the decentralized exchange Aevo. With its 1 billion token cache, the impending JUP airdrop could potentially amass a value exceeding $600 million at the present rate.
This buzz around Wen and JUP is part of a broader wave of excitement in the crypto world, with several projects announcing lucrative airdrops recently. On January 25, Ethereum scaling solution AltLayer revealed its $100 million airdrop for users.
Adding to this momentum, multilayer rollup deployer Dimension is gearing up to launch its main net soon, planning an airdrop of 70 million DYM tokens – roughly valued at $210 million in pre-market prices – to eligible participants.
These developments in a rapidly evolving crypto market highlight a growing interest in airdrops and the dynamic nature of cryptocurrency trading and investment opportunities.
