Jupiter Token (JUP) Witnesses Volatility with 60% Price Correction Post Airdrop Surge

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Jupiter’s price shot up to more than $1 billion after the Airdrop, but it quickly went down, showing some short-term ups and downs. After reaching a high of $1.27 right after the airdrop, Jupiter’s price dropped by 60%. This drop happened after the completion of the first out of four planned airdrops, where they distributed 40% of all JUP tokens.

Jupiter’s Airdrop Details

Following the Solana on January 31, the JUP price surged to an impressive high of $1.27. Early bids were around $0.41, signifying a tripling of the JUP price and propelling its market cap to a staggering $1.72 billion at its peak.

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

The Jupiter airdrop, part of a four-round distribution plan, aimed to allocate 40% of the total JUP token supply. The first round distributed 10% of the supply, equivalent to 1 billion tokens. Notably, 955,000 wallets engaging with Jupiter before November 2nd were eligible. The airdrop also saw a 17-year-old participant earning a remarkable $1,000,000.

Solana’s Airdrop Challenges

While the airdrop faced minimal issues, certain RPC nodes experienced challenges in meeting user demands, particularly in the initial 30 minutes. Validators reported a less-than-optimal user experience, emphasizing the importance of addressing technical challenges for future airdrops.

Long-Term Prospects Amid Short-Term Volatility

The trajectory of Jupiter’s trading volumes will play a pivotal role in determining its long-term outlook. Prospective investors should approach with caution, considering the potential impact of airdrop-induced excitement on JUP’s value. 

A retracement towards $0.40 might present an opportunity for strategic long-term investment amid market fluctuations.

However, in the last 24 hours following the Solana airdrop on January 31, the native token of the swaps aggregation engine Jupiter, JUP, faced a lot of selling. As of now, JUP is trading 2.57% lower, just below $0.560.