Record Trading Volume for Jupiter
In the past 24 hours, the swap aggregator Jupiter has recorded a record trading volume of approximately $1.4 billion, more than double the recent daily volume, making Jupiter the largest DEX platform during this period.
This performance coincided with the launch of Jupiter’s JUP token, which sparked high activity within the ecosystem. The token began trading at 4:00 PM (French time) with an initial price of $0.40 in Jupiter’s native liquidity pool.
Centralized exchanges such as Bybit, Binance, Bitfinex, and OKX later offered trading of the token. Currently, JUP is trading around $0.60, after retracing approximately 71% from its all-time high of $2 reached just minutes after listing.
Today, the token has a market capitalization of around $808 million and a fully diluted value of $6 billion.
Recap of an Exceptional Airdrop
In addition to the token launch, Jupiter allowed its users to claim their airdrop, which targeted users who had traded at least $1,000 on the protocol before November 2nd, and reached out to 955,000 wallet addresses.
Currently, 62.9% of the JUP tokens have been claimed through over 450,000 addresses.
However, the launch was not without controversy. Some users complained about the team using the token launch pool to sell tokens to the public. In response, Meow, the founder of Jupiter, stated that the team had been transparent about the mechanisms of the launch pool, reducing the team’s token sales portion from 20% to 5%, and then to 2.5% of the token supply. Meow clarified that if their intention had been to maximize funds raised, the team would have opted for an Initial DEX Offering (IDO) or peer-to-peer sales (P2P), highlighting their preference for a more transparent approach.
