After launching the ‘JUP’ token worth $700 million the other day, January 31, numerous traders made big revenues. due to the rate of offering pressurethe token went into a bearish pattern, triggering others to lose.
According to the report, some traders bank on the incorrect Jupiter token’s cost before launching the main token.
Traders Pumped Wrong JUP While Other Profits from Real Solana JUP Airdrop
On January 31, hours before the Solana-based Jupiter’s JUP airdrop launch, an Ethereum token with the very same ticker was presented. The confusion happened due to the fact that they both had a comparable ticker sign. This phony Ethereum-based Jupiter increased over 350% within a couple of hours of launch.
It dropped simply hours later on. Information from CoinMarketCap reveals the Ethereum-based JUP went from $0.005 on January 30 to $0.026 on January 31. It then fell back to its present $0.007 cost after the pump.
The Ethereum Jupiter was released in 2017 and utilized for decentralized apps.
Its site states it is “no longer active.” It was unexpected to see cost action. The Solana Jupiter is a DEX aggregator for switching and restricting orders of Solana tokens. This was the real task doing the airdrop.
The 350% Ethereum JUP cost pump came simply hours before the $700 million airdrop for Solana’s Jupiter opened claims.
This reveals traders most likely purchased the incorrect token. This was even more shown when a 17-year-old trader stated he made $1 million from the genuine Jupiter token airdrops and shared his revenue information openly online.
A 17-year-old @notxavierj made over $1 million from the Jupiter airdrop as part of a cautious method needing time and capital expense.
His success highlights both chances in crypto for outsized gains however likewise the requirement for a nuanced understanding of DeFi.
— Benzinga (@Benzinga) January 31, 2024
Solana Processed Millions of Transactions Quickly
On January 31, Jupiter Exchange shared its development on the X platform. According to the exchange, it can now manage a tremendous 80% natural trading volume
It holds the title of the most pre-owned program in the Solana community.
Even more, the platform mentioned it has actually ended up being “One of the leading preparation platforms taping $1.4 B volume recently,” In another post, Solana Foundation executive Austin likewise exposed that Jupiter’s enormous airdrop went efficiently on Solana with no substantial technical concerns.
In the very first 2.5 hours, Solana managed 2.5 million non-vote deals for the airdrop claims. This increase of activity did not interrupt the network.
According to the Flipside control panelover 20% of the 1 billion JUP booked was declared instantly after releasing the tokenStill, absolutely nothing occurred to the network.
An X user, Zaheer, published that the airdrop “was a big tension test on the network.” “Yet Solana, like all chains, still has a great deal of work to do to enhance things,” the X user included. This user made this tweet highlighting Austin Federa’s (Solana Foundation’s head) post
Well, that was dull pic.twitter.com/erKTtWZa79
— Austin Federa|(@Austin_Federa) January 31, 2024
Especially, in the post, the head of Solana Foundation, Austin, shared a chart and pointed out that it represents 102,229 claims, suggesting the network is durable in spite of the pressure.
In action to the post, Zaheer explained that the Solana network still has space for enhancement, implying it might do much better.