TL;DR
- Jupiter DEX, based on the Solana network, successfully recorded a trading volume of $518 million in the last 24 hours, surpassing Ethereum’s Uniswap by $25 million.
- The success is attributed to the enthusiasm generated by the recent airdrop of the memecoin ‘Wen’ and the growing interest in the exchange of stablecoins on the platform.
- The JUP token is expected to reach a market capitalization of $600 million.
In the last 24 hours, the decentralized exchange Jupiter DEX, based on the Solana network, secured the top spot in trading volume by registering operations totaling $518 million. A significant achievement for the DEX, which also outperformed Ethereum’s Uniswap by $25 million in terms of trading volume. This success has been attributed to various factors, including the excitement generated by the recent airdrop of a new memecoin called ‘Wen’ and the increasing interest in the exchange of stablecoins on the platform.
The new memecoin ‘Wen’ played a crucial role by contributing more than $50 million to the total trading volume on Jupiter DEX. This token was distributed as an airdrop to Solana users who had interacted with the DEX in the last six months and to lucky owners of Solana Saga phones. ‘Wen’ was conceived as an experiment before the eagerly anticipated airdrop of Jupiter’s native token, JUP, scheduled for January 31.
Wen, Solana, and Stablecoins Propel Jupiter to the Top
Another highlight in recent operations on the DEX was the exchange of Solana (SOL) for stablecoins such as USD Coin (USDC) and Tether (USDT). These SOL to stablecoin transactions accounted for a total of $191 million in the 24-hour period. This type of transaction indicates the confidence that a significant part of the community has in some well-established stablecoins in the industry.
As for the valuation of the JUP token, it is expected that its total market capitalization will exceed $600 million, with a current price of $0.61 per token. The market is in a state of excitement due to the announcement of some airdrops, where users seek to maximize their returns. Ethereum is not far behind, as AltLayer revealed a $100 million airdrop, and Dymension is preparing to launch its mainnet with an airdrop of 70 million tokens, valued at approximately $210 million.
The trading volume achieved by Jupiter highlights the relevance and growing adoption of the Solana network. The combination of a successful airdrop, the experiment with ‘Wen,’ and the intensive trading activity of stablecoins is an indication of strong user confidence in the DEX. We will be attentive to new opportunities as they arise.
