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Jupiter ‘s daily trading volume exceeded $520 million in the past 24 hours, with a large portion of that volume coming from traders swapping stablecoins for a new Memecoin backed by Wen.
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In the past 24 hours, trading volumes on Solana-based decentralized exchange (DEX) Jupiter have skyrocketed to the top of the charts, surpassing $520 million, driven by a new memecoin airdrop and increased stablecoin trading activity.
The trading activity showed that Jupiter’s Ethereum-based volumes on Uniswap, both v2 and v3 protocols, exceeded $10 million, with a combined trading volume of just $520 million in the past 24 hours, according to CoinGecko data.
Any Solana user who has traded on Jupiter in the past six months has seen a new airdrop that can be claimed by owners of the Saga phone if they have traded over 50 million Jupiter, which is a little over the total daily trading volume. This airdrop comes from traders buying and selling Wen.
WEN Airdrop on Jupiter
The Memecoin was actually designed as an experiment by Jupiter developers ahead of the highly anticipated airdrop of its native JUP token, which is scheduled to launch on January 31st.
Prior to the sale, JUP tokens are currently trading at around $0.70 on Decentralized exchange Aevo at the time of writing. The estimated airdrop of 1 billion JUP tokens could exceed $600 million at current prices.
The market excitement surrounding Wen and JUP is coupled with the surge in projects announced in the crypto ecosystem with airdrops. For example, on January 25th, Ethereum scaling solution AltLayer plans to airdrop users $100 million worth of tokens.
Additionally, multi-layer aggregation distributor Dymension plans to launch its Mainnet in the coming days and will reward eligible users with airdrops of a total of 70 million DYM tokens worth $210 million, prior to the sale.