Why Is Jupiter (JUP) Price Up? Trader Bags $1.1M Trading the Solana Token

The airdrop that began on January 31, 2024, is the first of four planned airdrops for Jupiter tokens. In total, one billion Jupiter tokens will be distributed through these airdrops. The airdrop prizes start at 200 JUP tokens. The price spiked as the airdrop started it is presently still up by more than 100% yesterday and it is still up by 15%.

To be eligible for the airdrop, customers must meet certain criteria – having a minimum of 10 USD on the site or completing ten transactions before March. The snapshot for this airdrop was taken on January 17, 2024. The purpose is to distribute tokens to loyal users.

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A Big Payday

According to onchain analytics firm @lookonchain, one wallet identified as “7poJrJ” received 1.85 million JUP tokens worth $1.17 million in the airdrop via approximately 9,246 wallets. The wallet then sold 1.4 million JUP tokens worth $898,000 on a DEX at $0.6371 each. It also deposited 121,000 JUP tokens worth $77,000 to Bybit and MEXC exchanges. Currently, the wallet still holds 319,000 JUP tokens worth around $196,000. This trader was able to cash in handsomely on Jupiter’s airdrop rewards.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency