Decentralized exchange Jupiter saw over $480 million in trading volume over the last 24 hours, largely driven by stablecoin trading and frenzied activity around a new experimental meme coin.
The Solana-based Jupiter briefly surpassed Ethereum’s top DEX Uniswap in volumes, hitting $480 million compared to Uniswap v2 and v3’s combined $470 million.
Much of Jupiter’s volume came from traders buying and selling Wen, a meme coin launched as an experiment ahead of the exchange’s planned JUP governance token airdrop on Jan. 31. Wen was claimable by Jupiter users over the past 6 months as well as owners of Solana’s Saga smartphone.
However, stablecoin trading made up a significant chunk of $191 million worth of swaps between USD Coin (USDC), Tether (USDT), and Solana’s native token (SOL) on the last day.
The surge in activity comes amid a wave of highly anticipated crypto airdrops that has sparked speculative trading. Earlier this week, Ethereum scaling project AltLayer announced a $100 million token drop. Meanwhile, Dymension, a Multilayer rollup deployer, plans to airdrop $210 million worth of tokens upon its upcoming mainnet launch.
Pre-market trading pegs Jupiter’s 1 billion JUP airdrop at a total value exceeding $600 million at current prices of around $0.61 per token. The hype reflects the recent investor enthusiasm for web3 projects issuing token rewards to their communities.
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