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Jupiter’s JUP token airdrop goes live, but the market reacts with a selloff, causing the token to drop over 6% in the past 24 hours.
Photo: Jupiter
Key Takeaways
Jupiter's JUP token dropped 6% to $0.81 after the launch of its 700 million token airdrop. Users faced slow claim processes, with Jupiter urging patience and noting that users have a three-month claim window. <?xml encoding="UTF-8"?>Jupiter’s native token JUP fell 6% to $0.81 in the past 24 hours as the platform’s latest airdrop went live. The token has declined over 33% from its recent high of $1.20.
The Solana-based decentralized exchange aggregator initiated its airdrop early Wednesday, distributing 700 million JUP tokens valued at $567 million to approximately 2 million eligible wallets.
However, hours after the launch, users began reporting difficulties in claiming tokens. Addressing the issue on X, Jupiter wrote:
“The pie is growing too fast. Claims are a little slow, but are still working. We’re being throttled by Web2 infrastructure providers, so requests are still going through but slow. Working around now! Be patient with us,” Jupiter posted on X.
The platform had previously warned users about potential Solana network congestion and high gas fees, suggesting they utilize the three-month claim window rather than claiming immediately.
The token faced immediate selling pressure as the airdrop went live on Wednesday.
JUP initially gained 5% before a selloff began as more users started claiming their tokens. At press time, JUP is trading at $0.81 and may experience further volatility as additional users claim the airdrop.
The distribution is part of a broader Jupiter DAO initiative that includes plans to airdrop 700 million JUP tokens annually in 2025 and 2026.
While JUP reached an all-time high of $2.00 during its first airdrop in January 2024, the token has since dropped 59%.
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