JUP Price: Jupiter Price (JUP) Tanks 70% on Airdrop in Solana, Another Pump and Dump?

Highlights

Jupiter price tanked 60% after hitting a high of $1.27 soon after airdrop.
Jupiter has conducted one of four airdrops planned for distributing 40% of total JUP tokens.
The Solana network showed 100% uptime during peak activity of Jupiter airdrop.

JUP, the native token of swaps aggregation engine Jupiter, has undergone major selling in the last 24 hours after the Solana airdrop on Wednesday, January 31. At press time, HUP is trading 62.7% down a price of just under $0.60.

Is Jupiter Price Facing Pump and Dump?

Soon after the airdrop, the JUP price rallied all the way to a high of $1.27 as per the data on CoinMarketCap. Also, the early bids came around $0.41, meaning, the JUP price tripled in no time taking its market cap to a staggering 1.72 billion at its peak.

However, the JUP price has corrected by 60% since then with the trading volumes skyrocketing to $1.2 billion. In a recent announcement by Airdrop Official shared details regarding the Jupiter token and its upcoming airdrop. Here are the key highlights:

The total supply of Jupiter tokens ($JUP) stands at an impressive 10 billion.
A substantial number of 955,000 wallets that engaged with Jupiter before November 2nd are deemed eligible for participation in the airdrop.
The distribution plan includes a strategic allocation of 40% of the total token supply across four rounds of airdrops. The first round, slated to kick off the distribution, encompasses 10% of the total supply, equivalent to a substantial 1 billion tokens.

Interestingly, a 17-year-old also made a staggering $1,000,000 with the Jupiter airdrop.

🪂 Here's some information about the Jupiter token and airdrop:

– Total of 10 billion $JUP tokens.
– 955,000 wallets that interacted with Jupiter before Nov 2nd are eligible.
– 40% allocated to 4 rounds of airdrops, with 10% in the first round (1 billion tokens). https://t.co/RfJq8i2lL9

— Airdrop Official 🦇🔊 (@its_airdrop) December 1, 2023

Solana Maintains 100% Upside

“Remarkably, there were no significant issues” reported during the initial phase of the airdrop, stated 7Layer, the anonymous operator of the Overclock validator. “The server appeared quite normal.”

🚨 BREAKING: Solana maintains 100% uptime during the peak traffic of $JUP Jupiter airdrop claim and trading. pic.twitter.com/3tWaOX9yqU

— SolanaFloor | Powered by Step Finance (@SolanaFloor) January 31, 2024

Nevertheless, the launch did encounter some challenges. Certain RPC nodes, acting as intermediaries for wallets and the network, faced difficulties meeting user demands, particularly in the initial 30 minutes of the airdrop, according to validators engaged in discussions on Solana’s Discord server. ”

The average end user encountered significant difficulties in the first 30-45 minutes trying to perform any actions,” noted one validator on the server. “While the consensus layer performed well, let’s acknowledge that the user experience was less than optimal”.

Ultimately, the trajectory of Jupiter’s trading volumes is likely to significantly influence the long-term prospects of the Jupiter price.

However, prospective investors should remain mindful of the constant risk that the excitement surrounding the airdrop may have led to an excessive inflation of the JUP price.

This situation could make JUP vulnerable to a short-term downturn. In the event that the Jupiter price retraces towards $0.40, it might present an attractive opportunity for long-term bulls to consider buying the dip.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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