Jupiter, a decentralized exchange (DEX) operating on the Solana blockchain, has made waves by achieving an impressive $480 million in trading volume within 24 hours.
Notably, the surge in activity propelled Jupiter ahead of Ethereum’s Uniswap, surpassing its trading volume by $10 million, according to data reports.
A significant catalyst for this surge was the introduction of “Wen,” a new memecoin distributed via an airdrop on the Jupiter platform.
The airdrop was aimed at Solana users who had interacted with Jupiter DEX within the previous six months, as well as owners of Solana Saga phones.
Wen’s creation serves as an experimental prelude to Jupiter’s upcoming JUP token airdrop, which is scheduled for January 31.
Users engaging in stablecoin transactions fueled Jupiter’s trading dynamics even further. The Wen exchange accounted for approximately $50 million in Jupiter’s trading volume.
Meanwhile, the majority of recent trades involved users swapping Solana’s native token, SOL, for USD Coin and Tether (USDT), resulting in a significant $191 million in trading volume.
The JUP token, which is expected to be airdropped on January 31, currently has a market capitalization of more than $600 million, with individual tokens trading at $0.61 each.
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