Solana-based Jupiter jumps 22% with $500 mln trade settlement
Solana-based trading aggregator Jupiter has gained huge attention from investors and retailers following its significant $500 million trade settlement in the last 24 hours. With this significant trade settlement, it surpassed Uniswap v3, the leading trading platform.
Jupiter’s massive $500 million trade settlement
This achievement led to the highly anticipated token allocation scheduled for Wednesday, pushing Jupiter to the forefront of decentralized exchanges. However, Jupiter owns an extensive offering, featuring 550 tokens and more than 5,550 trading pairs, according to data from CoinGecko.
Additionally, the USDC/SOL pair emerged as the most active, registering $166 million in trading volume. Jupiter’s unique approach involves routing orders to multiple Solana-based exchanges, ensuring the execution of the best available price for assets when a trade is initiated.
Recently, Jupiter developers launched a new mem-coin named WEN, which also garnered everyone’s attention. Following its first week of launch, the volume for WEN reached a significant $150 million across two trading pairs. Jupiter’s trading volumes have surpassed those of Uniswap v3, a prominent Ethereum-based decentralized exchange, which recorded $483 million in trades.
Following this impressive performance, Jupiter has emerged as a key player in the decentralized finance (DeFi) space. With all these ongoing developments, Jupiter also issued a JUP token on 24th, 2024.
Jupiter Airdrop for Solana holders
Notably, nearly 1 million Solana wallets qualify for a significant portion of the airdrop, with 40% of JUP’s total supply allocated for distribution. This significant airdrop is a testament to Jupiter’s popularity among traders and is expected to further boost activity on the Solana blockchain.
Traders are excited about how the JUP token allocation on Solana might affect the market. They’re comparing it to the Jito airdrop in December, which led to a frenzy of meme-coin trading on Solana.
Following all this optimism around Jupiter, it caused a significant price surge in the native token. As of writing, Jupiter’s native token JUP experienced a 22% upside momentum. If we look at JUP over a longer period, in the last 7 days, it experienced over 32% upside momentum as per CoinMarketCap. Additionally, following its significant developments in Jupiter, its 24-hour volume has also surged by over 60%.
However, following all this optimism around Jupiter’s JUP, Solana’s SOL also experienced a significant price surge in the last 7 days. Whereas, currently, SOL is trading near $96.24, and in the last 24 hours, it experienced over 1.5% of downside momentum.