Solana DEX Jupiter Surpasses Uniswap in Stablecoin Surge & Airdrop Excitement

Jan. 29, 2024
Solana DEX Jupiter Surpasses Uniswap in Stablecoin Surge & Airdrop Excitement

Solana DEX Jupiter volumes topped $480 million in the last 24 hours, with much of it led by traders swapping stablecoins and flipping a new memecoin, Wen. Trading volumes on the Solana-based DEX Jupiter toppled the charts at $480 million in the last 24 hours amid a frenzy for a new memecoin airdrop and heightened stablecoin swaps.

Jupiter has even seen trading activity beat out the Ethereum-based volumes on Uniswap from both v2 and v3 protocols by $10 million, with the combined trading volume of those protocols only amounting to $470 million in the last 24 hours, per CoinGecko data.

Source: CoinGecko

Just over $50 million in value came from Wen trades of Jupiter’s total daily volume, a brand new memecoin that was claimable by any Solana user with an interaction with the Jupiter protocol in the last 6 months, and Saga phone holders.

Source: Wen

Moreover, the Jupiter developers crafted it as a test. This test precedes the eagerly awaited airdrop of the developers’ native JUP token, set on January 31. In the past day, the majority of the volume on Jupiter has been linked to the exchange of Solana for USD Coin and Tether. The total daily volume for these swaps amounted to $191 million.

Anticipation Builds for Jupiter’s Native Token Airdrop

In the pre-market, JUP tokens are trading at approximately $0.61. According to data from perpetuals trading on the decentralized exchange, Aevo is currently observing this valuation at the time of writing. The 1 billion token JUP airdrop at current prices could value the airdrop over $600 million.

Furthermore, the market excitement over Wen and JUP is noteworthy. This enthusiasm coincides with many recently announced airdrops from various projects within the crypto ecosystem. This trend highlights the growing interest and participation in airdrop activities across the cryptocurrency space.

On January 25, Ethereum scaling solution AltLayer gave its users a $100 million airdrop. Meanwhile, multilayer rollup deployer Dimension plans to launch its mainnet shortly. It will airdrop a total of 70 million of the platform’s DYM tokens. Pre-market prices value the tokens around $210 million, and authorized users will receive a distribution.

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Rida Fatima

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An ardent wordsmith with a rich five-year background in delving into the realms of finance and cryptocurrencies. Alongside curating captivating blogs, Unique's talents extend to crafting imaginative and engaging content.