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Jupiter Token (JUP) Skyrockets, Surging to Become the Sixth-Largest Decentralized Exchange on Solana

Solana's Jupiter Launches JUP Token with Explosive Growth, Clinching 6th Position in Market Capitalization

Feb 01, 2024
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JUP hits $914 million market cap in 30 minutes, emerges as dominant force on Solana blockchain.

Solana-based decentralized exchange aggregator Jupiter has propelled its JUP token to instant success, securing the sixth position in market capitalization, as reported by CoinGecko.

Within just 30 minutes of its 10 a.m. EST launch, JUP's market cap soared to an impressive $914 million, marking its dominance in the decentralized exchange (DEX) landscape. Jupiter, the platform behind JUP, operates as a DEX aggregator on the Solana blockchain.

As tracked by CoinGecko, JUP experienced a fluctuation between an initial value of $0.86 and a low of $0.5. At the time of writing, the token was hovering around $0.68, showcasing resilience and stability in its early trading phase.

"The price is holding well," noted the project's founder, known by the pseudonym "Meow," during a discussion on Space on X following the successful airdrop.

The unprecedented airdrop of 1 billion JUP tokens reached approximately 955,000 distinct wallet addresses. With the current price at $0.68, the airdrop's estimated value stands at $680 million, ranking it as the 10th largest in the history of cryptocurrency airdrops, surpassing the well-known 1inch, according to a December report from CoinGecko.

JUP's fully diluted value (FDV), considering the release of the entire 10 billion token supply, currently stands at $6.8 billion. This surpasses the FDV of Uniswap's UNI, the largest decentralized exchange by volume, which is valued at $6.1 billion. Uniswap's UNI holds the highest market capitalization among decentralized finance (DeFi) protocols.

Meow, in a post introducing the token, revealed that JUP tokens will be evenly distributed, with 50% allocated to the team and the remaining 50% to the broader community.

With a trading volume of $661 million in the last 24 hours, Jupiter has become the leading aggregator in the crypto space, as reported by DeFi Llama. The project also boasts facilitating over 80% of decentralized exchange (DEX) volume on the Solana blockchain, according to data from a Dune Analytics dashboard.

Beyond its aggregator function, Jupiter offers a diverse range of products, including perpetuals, limit orders, and dollar-cost-averaging functionality.

Jupiter's launch coincides with the resurgence of Solana, evident in the rising SOL price, increased active addresses, and notable partnerships. The platform's strategic position and rapid growth signal a promising trajectory in the evolving landscape of decentralized finance.

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