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How Did Jupiter's JUP Drop Go?

Solana's top aggregator airdrops 1 billion tokens.

Jack Inabinet
Jan 31, 2024 • 2 min read

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Solana’s leading aggregator, Jupiter, airdropped the long-awaited JUP token to its early users this morning! How is the market reacting?

Jupiter’s airdrop is putting 1B JUP in the hands of early users. It marks the first of four annual distribution events, each of which will occur on January 31st and will distribute a total of 4B JUP to the community.

JUP opened at $0.40 on Solana, a price set by the Jupiter team who provided 500M in single-sided JUP liquidity starting at this range on Meteora, a full $0.25 below the price of pre-market futures provided by Aevo. Bots quickly arbed the discrepancy between these prices, and the price settled in the $0.70 range within an hour of the pool's launch.

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Written by Jack Inabinet

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Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial real estate development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business.