Trading volumes on Jupiter, the decentralized exchange built on Solana, have reached an impressive $480 million in the last 24 hours. This surge in activity can be attributed to the excitement surrounding a new memecoin airdrop and increased swaps of stablecoins.
In fact, Jupiter has even outperformed Uniswap, one of the leading decentralized exchanges on the Ethereum network, in terms of trading volumes. Both Uniswap’s v2 and v3 protocols combined only amounted to $470 million in trading volume over the same period, according to data from CoinGecko.
Out of Jupiter’s total daily trading volume, over $50 million came from the buying and selling of Wen, the new memecoin. This unique token was airdropped to any Solana wallet that had interacted with Jupiter in the past six months, as well as owners of Solana’s Saga phone.
The launch of Wen served as an experiment by Jupiter developers leading up to the highly anticipated airdrop of the exchange’s native token, JUP, scheduled for January 31st.
However, the majority of trading volume on Jupiter in the past 24 hours was driven by the swapping of Solana’s native cryptocurrency, SOL, for USD Coin (USDC) and Tether (USDT). This particular trading activity accounted for $191 million of the total daily volume.
As for the JUP token, pre-market trading suggests it is valued at around $0.61 per token. With the estimated total value of the 1 billion token JUP airdrop, it could potentially surpass $600 million at current prices.
The buzz surrounding Wen and JUP’s airdrop coincides with a wave of airdrops announced by various projects in the crypto industry. For instance, AltLayer, an Ethereum scaling solution, revealed a $100 million airdrop to its users on January 25th. Additionally, Dymension, a multilayer rollup deployer, plans to launch its mainnet soon and will airdrop a total of 70 million DYM tokens, worth approximately $210 million, to eligible users.
In other news, there has been a flash crash of OKX token, amounting to $6.5 billion, and an individual known as “Mr Bang,” a crypto executive, is currently on the run in Asia.