Jupiter DEX on Solana Surges Past Uniswap Amidst Stablecoin Surge

Crypto News– Over the past 24 hours, trading volumes on the Solana-based decentralized exchange, Jupiter, have skyrocketed to an impressive $480 million. This surge in activity is fueled by a frenetic demand for a new memecoin airdrop and intensified trading in stablecoins.

Remarkably, Jupiter has outpaced Ethereum’s Uniswap, both in v2 and v3 protocols, by $10 million. CoinGecko data indicates that the combined trading volume on Uniswap amounted to just $470 million during the same period.

Jupiter DEX on Solana Surges Past Uniswap Amidst Stablecoin Surge

A significant portion of Jupiter’s daily trading volume—exceeding $50 million—was attributed to the trading frenzy surrounding Wen, a new memecoin. Wen could be claimed by any Solana user who had interacted with Jupiter in the past six months, as well as owners of Solana’s Saga phone. This memecoin experiment was launched by Jupiter developers ahead of the eagerly anticipated airdrop of the exchange’s native JUP token, scheduled for January 31.

However, the bulk of trading volume on Jupiter was driven by the swapping of Solana’s SOL tokens for USD Coin (USDC) and Tether (USDT), accounting for $191 million of the total daily volume.

At the time of writing, pre-market JUP tokens are trading at approximately $0.61 on the decentralized exchange Aevo. With the estimated total value of the upcoming 1 billion JUP token airdrop potentially exceeding $600 million at current prices, market excitement around Wen and JUP is palpable.

This enthusiasm for airdrops is reflective of broader trends in the crypto ecosystem. Recently, Ethereum scaling solution AltLayer announced a $100 million airdrop to its users on January 25. Additionally, multilayer rollup deployer Dymension is gearing up to launch its mainnet soon, accompanied by an airdrop of 70 million DYM tokens—valued at around $210 million at pre-market prices—to eligible users.