Jupiter DEX on Solana witnessed record-breaking trading volumes of $480 million, driven by a memecoin frenzy.
During the past twenty-four hours, trading volumes on Jupiter DEX, situated in Solana, have topped the records with $480 million.
This comes amid a frenzy for a fresh memecoin airdrop and increased stablecoin swaps. The trading activity has even resulted in Jupiter DEX surpassing the Ethereum-based volumes on Uniswap from both V2 and V3 protocols by a total of $10 million.
According to the statistics provided by CoinGecko, the combined trading volume of those protocols has only amounted to $470 million in the past twenty-four hours.
Any Solana user who had connected with Jupiter DEX in the past six months, as well as users of Solana’s Saga phone, can claim “Wen” as a memecoin.
Traders buying and selling “Wen” accounted for a little more than fifty million dollars worth of Jupiter’s daily trading volume. The creators of Jupiter DEX developed the memecoin as an experiment in anticipation of the highly anticipated airdrop of Jupiter’s native token, JUP, scheduled for January 31st.
The trade of Solana into Circle’s USD Coin and Tether which accounted for $191 million of the entire daily volume, was the primary contributor to the volume of transactions that took place on Jupiter over the previous day.
The data from perpetuals that are being traded on the decentralized exchange Aevo indicates that pre-market JUP tokens are presently trading for approximately $0.61 at the current market price.
With the current values, it is possible that the total value of the airdrop of one billion JUP tokens might be greater than 600 million dollars.
A plethora of recently announced airdrops from a range of projects within the cryptocurrency ecosystem have contributed to the excitement that the market is experiencing around WEN and JUP.
AltLayer, a scaling solution for Ethereum, announced on January 25 that it would be providing its users with an airdrop of one hundred million dollars.
Dymension, the multilayer rollup deployer, is expected to launch its mainnet within the next few days. In addition, it will airdrop a total of 70 million DYM tokens to users who are eligible for the airdrop.
At pre-market rates, these tokens are estimated to have a value of approximately $210 million.
