Jupiter Airdrop Frenzy: Trader Makes $1.17M Profit; Is JUP Token Worth Buying?

The post Jupiter Airdrop Frenzy: Trader Makes $1.17M Profit; Is JUP Token Worth Buying? appeared first on Coinpedia Fintech News

Jupiter, a decentralized exchange (DEX) aggregator on the Solana network, recently facilitated a staggering $1.39 billion trading volume within a single day. This record-breaking figure is more than double its usual daily trading volumes, placing Jupiter among the top-tier DEX platforms.

The catalyst behind this surge was the highly-anticipated launch of Jupiter’s token, accompanied by a generous airdrop. 

Jupiter’s airdrop was strategically designed to reward its early adopters. Targeting 955,000 wallet addresses, it offered rewards to users who had traded a minimum of $1,000 on the platform before November 2nd. 

As per Dune Analytics, about 62.9% of the JUP tokens have been claimed, spanning over 450,000 addresses. 

Amidst the airdrop, an exciting development emerged. A wallet identified as “7poJrJ” earned $1.17 million from the JUP airdrop, receiving 1.85 million JUP tokens distributed across approximately 9,246 wallets. 

This wallet made a significant move by selling 1.4 million JUP tokens for $898,000 at $0.6371 each. Further, it deposited 121,000 JUP tokens into Bybit and MEXC platforms while retaining 319,000 JUP tokens, valued at around $196,000.

Considering the high volumes and the growing demand coupled with the improving chances of a bull market in February, the JUP token can reach new heights—currently, the JUP token price trades at $0.61. 

However, buying a volatile token at such an early listing stage comes with a fair share of risk. Considering the uptrend continues, the early investors can make around 25%-30% gains in the coming days.