Jupiter Exchange, a Solana-based decentralized exchange, has been making waves with a series of strategic moves. From major listings on renowned exchanges to colossal airdrops, the exchange is now a focal point of attention in the crypto community.

Here’s an in-depth look into the recent developments surrounding the Jupiter Exchange and its native token, JUP, as it emerges as a formidable player in the decentralized finance (DeFi) sector.

Why Is Jupiter Exchange Gaining Traction?

Jupiter Exchange, a decentralized exchange on Solana, seeks to revolutionize crypto trading by offering a streamlined alternative to centralized platforms, emphasizing decentralization and efficiency in the rapidly evolving blockchain ecosystem.

Meanwhile, Jupiter Exchange has garnered significant traction, propelled by its recent listings and airdrop initiatives. Binance, a leading global crypto exchange, announced the listing of JUP, further solidifying Jupiter Exchange’s position. Besides, other major exchanges, including Bybit, LBank, and BitMart, also followed suit, reflecting the increasing recognition of the Solana-based DEX.

On the other hand, the Jupiter Exchange community has been at the forefront of a crypto frenzy, showcasing remarkable advancements. According to the Dune Analytics data, colossal airdrops have become a hallmark of Jupiter’s strategy, attracting over 458,000 participants, and claiming a substantial 631.25 million JUP tokens.

In addition, CoinGecko data showed Jupiter Exchange at the top of the decentralized exchange volume list within 24 hours of its trading debut. Notably, with a staggering 24-hour volume of approximately $1.4 billion, Jupiter Exchange surpassed even established platforms like Uniswap V3 (Ethereum).

Also Read: Binance Delists ETH & BNB Spot Trading Pairs But There’s A Catch

Token Distribution Strategy

A recent revelation by the founder of Jupiter Exchange, operating under the pseudonym “meow,” shed light on the token dynamics and addressed community concerns. The founder clarified a unique approach to the token’s launch pool – no selling permitted after seven days.

Instead, tokens in the launch pool find purpose in either the team treasury or liquidity pools, ensuring fairness in funding. This strategy safeguards the team’s access to settled prices post-airdrops and initial buyer activities.

Meanwhile, the JUP airdrop, available to Solana wallet holders engaged with the Jupiter protocol before a November 2 snapshot, is a strategic move by the exchange. With a total supply of 10 billion JUP tokens, the distribution plan allocates 20% evenly across all eligible wallets, 70% based on a user engagement scoring system, and 10% reserved for community members and developers. Notably, CoinMarketCap data reveals that the JUP token currently has a circulating supply of 1.35 billion.

Airdrop Frenzy Amid Price Movements

The JUP token has noted volatile trading within the 24 hours it started trading. For instance, the token has touched a high of $2.04 and a low of $0.5594 within the 24-hour time frame, suggesting the increasing volatility of the token.

Meanwhile, Lookonchain data revealed that a substantial profit of $1.17 million was made in the JUP airdrop. The wallet “7poJrJ” received 1.85 million JUP, distributed across approximately 9,246 wallets.

Following the airdrop, the user sold 1.4 million JUP for $898,000 on a DEX and deposited 121,000 JUP, equivalent to $77,000, into Bybit and MEXC. As of now, the wallet retains 319,000 JUP, valued at $196,000. This data sheds light on significant transactions and profit-generation strategies within the crypto space.

Also Read: Who Is Ripple’s Chris Larsen?

The post Jupiter Exchange: Why Is JUP Token Creating A Buzz? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am