LUCKNOW (CoinChapter.com) — Solana’s decentralized exchange, Jupiter (JUP), has seen an enormous surge in trading volume over the past 24 hours. Volumes topped $480 million amidst mass interest in a new “memecoin” called Wen. This surge is driven by heavy trading of stablecoins and frenzied activity around Wen airdrop.
The spike in volumes has even seen Jupiter overtake Ethereum’s top decentralized exchange, Uniswap, for the first time. Jupiter’s trading volume surpassed the combined trading volume of Uniswap V2 and V3 by $10 million. The 24-hour volumes of both these protocols sit at $480 million, according to CoinGecko.
Wen Takes Center Stage amidst Jupiter’s surging Trading volume
Much of Jupiter’s volume came from traders buying and selling “Wen.” This memecoin was airdropped to Jupiter users and owners of Solana’s Saga phone.
Jupiter’s developers launched this coin ahead of the hotly anticipated Jan. 31 airdrop of the exchange’s native JUP token. Experts see Wen as a clever marketing tactic that tapped into the current mania around crypto token drops.
However, stablecoin trading accounted for the bulk of Jupiter’s volumes. Over $191 million worth of trades occurred between Solana and major stablecoins like Circle’s USDC and Tether’s USDT.
Anticipation for Jupiter’s 1 Billion JUP Token Release
Looking ahead, the focus now turns to the release of Jupiter’s 1 billion JUP utility tokens on January 31st. Pre-market JUP tokens are currently trading around $0.61 on the decentralized exchange Aevo, putting the value of the airdrop at over $600 million at current prices.
As per CoinMarketCap data, the JUP token price is $0.005513 at the time of this writing. The value of Jupiter has increased by 10% from a day ago, and the current market cap sits at $5.49 million.
The flurry of activity around Jupiter’s airdrops comes as the wider crypto ecosystem sees a spate of highly anticipated token giveaways. Just this week, Ethereum scaling platform AltLayer announced a $100 million token airdrop.
Meanwhile, rival project Dymension is planning a similar 70 million token giveaway to its eligible users when its mainnet launches in the coming days. The value of these tokens would be worth around $210 million.