<img src="https://crypto.news/app/uploads/2023/12/crypto-news-crypto-airdrops-option03.webp” />
Amid the Jupiter Exchange token debacle, a farmer airdropped over $1 million in JUP coins using thousands of Solana wallet addresses.
The trader received 1.85 million Jupiter tokens (JUP) using 9,246 wallets to interact with the Solana-based decentralized exchange (DEX). Some air freight, valued at more than $1 million even after a 69% price drop, was liquidated on Jupiter for profit.
The user deposited around $77,000 worth of airdropped tokens on Bybit and Mexc. According to LookOnChain, the airdrop farmer had 319,000 JUP valued at $196,000 on the chain. This person represents about 1% of the wallets eligible for the Jupiter airdrop.
Jupiter has become one of the most popular Solana defi protocols following its recent DEX launch and two token distributions in quick succession.
First, users received the WEN memecoin as a tribute to crypto culture and JUP creator Weremeow. A fractional nft poem inspired the token, essentially a stress test for the upcoming airdrop.
JUP, Jupiter's native exchange token, was next. This initiative shared $700 million worth of tokens among early supporters and users of the Solana DEX. However, the launch generated controversy.
The biggest concern was related to a seven-day period in which Weremeow and his team could sell 2.5% of JUP's 10 billion token supply, but only if the price rose above 70 cents. Users and recipients of the airdrop condemned Weremeow's elaborate approach, fearing that a mass launch could shake faith in the project.
Solana DEX has surpassed peers like Uniswap in daily trading volume as traders flocked to capitalize on the latest airdrop frenzy. By DefiLlama According to data, the exchange recorded a volume of $1.2 billion in 24 hours, almost $300 million more than Uniswap.
