Solana’s Jupiter DEX Sees $480M in Trading Volume Amid Airdrop Excitement
Jupiter DEX on Solana hits $480M in trades, beating Ethereum's Uniswap, driven by new memecoin 'Wen' and major stablecoin activity.
Jupiter, a Solana-based decentralized exchange, recently saw a massive $480 million in trading volume within 24 hours. This is due to a new memecoin airdrop and users trading stablecoins on the platform. Jupiter even surpassed Ethereum's Uniswap in trading volume by $10 million, according to data reports.
About $50 million of Jupiter's volume came from trading "Wen," a new memecoin. Wen was an airdrop distributed by Jupiter to Solana users who interacted on Jupiter DEX in the last 6 months and Solana Saga phone owners. This memecoin is part of an experiment before Jupiter's own token JUP airdrop on Jan. 31.
Most of Jupiter's recent trades came from people swapping Solana's SOL into USD Coin and Tether USDT, These SOL - stablecoin trades amounted to $191 million. JUP token's total market cap is expected to be worth over $600 million, currently trading at $0.61 each.
There's growing excitement in the crypto market with multiple new airdrops. Ethereum's AltLayer announced a $100 million airdrop, and Dymension will soon airdrop 70 million tokens, worth about $210 million.
