Jupiter descending? 📉
The Jupiter airdrop is now live and trading across various centralized and decentralized exchanges.
However, unlike major airdrop events that occurred before, the launch went fairly smoothly, at least according to Solana executives.
Solana's Head of Strategy, Austin Federa, mentioned that the network handled over 2.5 million transactions in the first few hours since the airdrop claims went live.
However, some users reported high latency across Solana's default RPC, forcing users to switch to different RPC node providers such as Quicknode and Helius.
Besides that, Federa added that gas fees did spike temporarily during the claiming period, but they peaked at approximately $1.02, a far cry from the thousands of dollars spent on claiming hyped airdrops on Ethereum, such as ApeCoin.
Starting at an initial price of ~$0.40 on Jupiter's LFG launchpad, the JUP token reached an all-time high of $2 on Bybit but has since fallen to $0.60 as more users manage to claim and sell their airdrop.
As of today, over 60% of eligible participants have claimed over 605M JUP, or approximately $363M.
DeFi platforms in the Solana ecosystem, such as Kamino and Marginfi, have also begun supporting the JUP token through new incentivized lending pools and yield strategies.
Editor's Take:
From a monetary standpoint, the JUP airdrop has been a massive success for some of Jupiter's hardcore supporters, with some even claiming to earn more than $1M from the airdrop alone. Yet, with the recent string of FUD popping up with regards to how the launch was handled, paired with some weakness in the overall crypto markets at the moment, the price of JUP may remain choppy, especially with 40% of the airdrop yet to be claimed.
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