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Jupiter (JUP) Hits A Massive 60% Dip After JUP Token AirDrop

Solana-based coin Jupiter (JUP) AirDropped $1 billion worth of JUP tokens yesterday resulting in a huge spike in its price of $1.27 but quickly went down by over 60% showing short-term ups and downs after the first AirDrop where they distributed 40% of all JUP tokens. 

Jupiter’s (JUP) price went up to an impressive high of $1.27. Early bids were $0.41 signifying a 3x JUP price and propelling its market cap to $1.72 billion at its peak. The Jupiter airdrop aims to allocate 40% of the total JUP token supply. The first round distributed 10% of the supply equivalent to 1 billion tokens. Luckily, 995,000 wallets were eligible to get the airdrop and one of the participants who is only 17 years old earned a remarkable $1 million.

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While the Airdrop witnessed minimal issues, certain NPC nodes experienced difficulties in meeting user demands, particularly in the initial 30 minutes. Validators also reported a less-than-optimal user experience, showing the importance of addressing technical challenges for future Airdrops.

Despite the sudden volatility in JUP’s price, the trajectory of Jupiter’s trading volume is likely to influence the long-term prospects of its price. In the last 24 hours, JUP price is down by 67.31% trading at $0.006311.

Meanwhile, the Jupiter AirDrop increased activity on the Solana blockchain. When the airdrop went live, the transaction volume rose from 1,900 to over 3,000 transactions per second. This only shows how interested and engaged the crypto community is with the Airdrop. 

However, the increased transaction number resulted in a longer processing time on the Solana blockchain. The time it took to process a transaction tripled from 20,000 milliseconds to more than 60,000.

Despite the increased processing time, Solana’s ability to handle the increased transaction load only proves its strength and potential for expansion.

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Sophia Cruz
Financial Writer - Asian & European Desks
Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.
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