Solana Jupiter DEX: $480M Trading & Memecoin Frenzy

Solana Jupiter decentralized exchange recorded trading volumes that led the charts, reaching $480 million in the last 24 hours. This happened amid a frenzy for a new memecoin airdrop and increased stablecoin swaps. The trading activity even saw Jupiter beat out Ethereum-based volumes on Uniswap. Uniswap has both v2 and v3 protocols. Their combined trading volume only totaled $470 million in the last 24 hours, according to CoinGecko data.

Source: CoinGecko

Traders comprised just over $50 million of Jupiter’s total daily volume. They were buying and selling Wen, a new memecoin. Any Solana user who had interacted with Jupiter in the last six months could claim it. Owners of Solana Saga phones could also claim it. Jupiter developers designed the memecoin as an experiment. This was ahead of the eagerly awaited airdrop of Jupiter’s native JUP token. It is currently set to launch on Jan. 31.

Source: WEN

Solana Swaps Boost Jupiter To $191M Volume

However, most of the volume on Jupiter over the last day was swapping. Users swapped Solana’s $97 for USD Coin $1.00 and Tether $1.00. This accounted for $191 million of the total daily volume.

Pre-market JUP tokens are currently trading for around $0.65. This is according to data from perpetual trades on the decentralized exchange Aevo. The estimated total value of the 1 billion token JUP airdrop could top $600 million at current prices.

The market excitement around Wen and JUP comes amid many recently announced airdrops. They are from various projects in the crypto ecosystem. On Jan. 25, Ethereum scaling solution AltLayer announced a $100 million airdrop. It was for its users.

Meanwhile, multilayer rollup deployer Dymension is planning to launch its mainnet soon. It will airdrop 70 million DYM tokens in total. At pre-market prices, they are worth around $210 million. Eligible users will get them.

Related Reading | Ethereum ETF In Limbo As SEC Seeks Public Feedback

Furthermore, the authorā€™s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.

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