Certain traders might have speculated incorrectly on the token’s price, while a 17-year-old trader asserts to have earned $1 million from airdrops of the authentic Jupiter token.
A defunct Ethereum-based protocol with a similar ticker to the Solana-based Jupiter’s “JUP” briefly surged over 430% in response to the $700 million airdrop announcement. However, its price rapidly dropped soon after. The Ethereum-based JUP’s value surged from $0.005 to $0.026 on Jan. 31, before declining to its current price of $0.007.
The value of an alternative Jupiter protocol. Source: CoinMarketCap.
The Ethereum-based Jupiter, launched in 2017 for decentralized applications, is no longer active according to its official website. In contrast, the Solana-based Jupiter serves as a decentralized exchange aggregator facilitating token swaps, limit orders, and dollar-cost averaging strategies. The Ethereum-based JUP saw significant price movement shortly before the Solana-based Jupiter initiated its $700 million airdrop to early users.
Solana processes millions of transactions labeled as ‘non-vote’ within a matter of hours.
The Jupiter airdrop on Solana, one of the largest ever on the network, proceeded smoothly, as confirmed by a Solana Foundation executive. According to Austin Federa, head of strategy at the Solana Foundation, the network efficiently handled 2.5 million non-vote transactions within the first 2.5 hours of the Jupiter claims. Despite a spike in gas fees during the peak claiming period, reaching approximately 0.01 SOL (around $1.02), Federa humorously contrasted this with the significantly higher gas fees experienced by Ethereum users during popular airdrops like ApeCoin’s launch in March 2022.
Austin Federa, the head of strategy at the Solana Foundation, commended the Solana network’s performance during the Jupiter claims, handling 2.5 million non-vote transactions within the first 2.5 hours. Despite a significant spike in gas fees during the peak of the claiming period, reaching approximately 0.01 SOL (around $1.02), Federa humorously referred to it as an “astronomical fee.” He contrasted this with the notably higher gas fees experienced by Ethereum users during events like the ApeCoin launch in March 2022.
In the meantime, a seventeen-year-old crypto investor known as “notxavierj” under the pseudonym “X” asserts to have earned more than $1 million from the JUP airdrop on Solana.
According to data from Osk2020 on Dune Analytics, 41% of eligible wallets have claimed their JUP tokens, totaling 566 million JUP, which accounts for 57% of the total airdrop allocation since the launch at 10 am EST on Jan. 31.
