Jupiter Airdrop Token JUP Makes Its Debut with an 878 Million Dollars Market Capitalization

Crypto News– Jupiter’s governance token, JUP, debuted through an airdrop with a market capitalization of $878 million and a fully diluted valuation of $6.7 billion, as reported by CoinGecko.

Jupiter Airdrop Token JUP Makes Its Debut with an 878 Million Dollars Market Capitalization

The highly anticipated token airdrop commenced on Wednesday morning around 10 a.m. EST, with approximately 955,000 eligible addresses determined based on their transaction history on Jupiter before Nov. 2.

Functioning as a decentralized exchange (DEX) swapping aggregator, Jupiter aids crypto traders in discovering the optimal prices for trading cryptocurrencies across various decentralized exchanges. JUP initially traded at $2 but has since experienced a decrease of approximately 67%, settling around 64 cents at the time of this publication, underscoring the volatility often associated with airdrop events.

Binance, the world’s leading cryptocurrency exchange by trading volume, announced a 30-minute delay in the listing of JUP from 10:30 a.m. ET to 11 a.m. ET to ensure an optimal trading experience.

Regarding the initial circulating supply of JUP, totaling 1.35 billion tokens, Jupiter’s team members have designated 74% for the airdrop, as disclosed by Jupiter’s pseudonymous founder known as “Meow” in a forum post.

Jupiter’s token airdrop coincides with the trading protocol achieving a milestone of over $71 billion in total trading volume, as reported on Jupiter’s website. Currently, Jupiter ranks as the second-largest decentralized exchange, boasting a 24-hour trading volume exceeding $657 million. This places Jupiter just behind Uniswap, which leads with a 24-hour trading volume of $788 million, according to data from CoinGecko.