Amid the Jupiter Trade token debacle, one airdrop farmer over $1 million in JUP cash utilizing hundreds of Solana pockets addresses.
The dealer obtained 1.85 million Jupiter (JUP) tokens utilizing 9,246 wallets to work together with the Solana-based decentralized change (DEX). A part of the airdrop haul, price over $1 million even after a 69% worth dip, was liquidated on Jupiter for income.
The person deposited round $77,000 in airdropped tokens on Bybit and Mexc. In keeping with LookOnChain, the airdrop farmer held 319,000 JUP valued at $196,000 on-chain. This individual accounts for roughly 1% of the eligible wallets for Jupiter’s airdrop.
Jupiter has change into some of the common Solana defi protocols following its current DEX launch and two token distributions in fast succession.
First, customers obtained the WEN memecoin as a salute to crypto tradition and JUP creator Weremeow. A fractionalized NFT poem impressed the token, primarily a stress check for the subsequent airdrop.
JUP, Jupiter’s native change token, got here subsequent. This initiative shared $700 million in tokens to early supporters and customers of the Solana DEX. Nevertheless, the launch was met with controversy.
The most important concern was tied to a seven-day interval the place Weremeow and his workforce might promote 2.5% of JUP’s 10 billion token provide, however provided that the value was above 70 cents. Customers and airdrop recipients decried Weremeow’s elaborate strategy, fearing {that a} huge dump might shake religion within the undertaking.
The Solana DEX has lept above its friends like Uniswap in day by day buying and selling quantity as merchants flocked to capitalize on the most recent airdrop frenzy. Per DefiLlama knowledge, the change recorded $1.2 billion in quantity over 24 hours, practically $300 million greater than Uniswap.