Key Takeaways
- Around $50 million of the trading volume is linked to transactions involving the meme coin “Wen.”
- A major portion of Jupiter’s trading volume revolves around transactions between USDT, USDC and SOL
In an unexpected turn of events, Solana-based Jupiter exchange has emerged as a major player, recording an impressive $480 million in trading volume within just 24 hours.
The surge can be attributed to the growing interest in the new meme coin “Wen” and a notable uptick in stablecoin activity. Surpassing Ethereum’s Uniswap by $10 million, Jupiter’s trading activity is making waves in the crypto space, as per the latest data from CoinGecko.
The recent trading spree on Jupiter, coupled with the anticipation of the upcoming JUP token airdrop scheduled for Jan. 31, has brought the platform into the spotlight within the broader Solana ecosystem.
Notably, around $50 million of the trading volume is linked to transactions involving the meme coin “Wen,” which was claimable by users who interacted with Jupiter in the past six months or owned a Solana Saga phone. This experiment serves as a precursor to the much-anticipated JUP token airdrop.
Beyond the meme coin phenomenon, a significant portion of Jupiter’s recent $191 million trading volume revolves around transactions between Solana (SOL) and popular stablecoins like Circle’s USD Coin (USDC) and Tether (USDT). The community is keeping a close watch on the pre-market value of JUP tokens, currently hovering around $0.61, with the potential total valuation exceeding $600 million, considering an estimated total supply of 1 billion tokens.
In the broader Solana landscape, innovative developments are underway, such as Dialect’s Telegram-based trading bot for streamlined transactions and the Solana Foundation’s introduction of “token extensions,” enhancing programmability and security features on the platform.
Recently, the crypto space has witnessed a surge in airdrop activities. Earlier this week AltLayer project announced a $100 million airdrop and furthermore, Dymension is also preparing to distribute around 70 million DYM tokens valued at roughly $210 million.
