CDS Crypto News Incorrect JUP Coin Briefly Rises Due to Jupiter Airdrop
Crypto News

Incorrect JUP Coin Briefly Rises Due to Jupiter Airdrop

The incorrect JUP coin initially saw an increase in price, but has since fallen.

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Incorrect JUP Coin Briefly Rises Due to Jupiter Airdrop

Crypto News – The $700 million airdrop for Solana-based exchange aggregator Jupiter may have momentarily benefited a seven-year-old defunct Ethereum-based system because of its comparable price ticker.

Incorrect JUP Coin Briefly Rises Due to Jupiter Airdrop

An Ethereum-based coin with the same ticker had a jump of more than 430% on January 31, just hours before the debut of Jupiter’s JUP airdrop. However, the token fell sharply within hours of the launch.

Data from CoinMarketCap indicates that on January 30 and January 31, the price of Ethereum-based JUP was $0.005 and $0.026, respectively. Then, it fell back to the $0.005673 price that it is currently at.

Federa ApeCoin Cites Gas Fees

During the first two and a half hours of Jupiter claims going live, the Solana network handled 2.5 million non-vote transactions, according to Austin Federa, head of strategy at the Solana Foundation. Federa acknowledged that Solana gas prices did rise dramatically during the height of the claims hysteria, but he added in jest that gas prices had reached an “astronomical fee” of 0.01 SOL, or about $1.02 presently. Comparing this to the excessive gas fees that Ethereum network users incurred during well-known airdrops, including the introduction of ApeCoin in March 2022.

If you look at like the ApeCoin airdrop, which was probably the biggest hype Ethereum airdrop, people were paying $3,500 in gas fees to claim.

Federa
Incorrect JUP Coin Briefly Rises Due to Jupiter Airdrop
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lectertodd

Lectertodd is 27 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

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