Jupiter’s native token JUP fell 6% to $0.81 prior to now 24 hours because the platform’s newest airdrop went stay. The token has declined over 33% from its current excessive of $1.20.
The Solana-based decentralized alternate aggregator initiated its airdrop early Wednesday, distributing 700 million JUP tokens valued at $567 million to roughly 2 million eligible wallets.
Nonetheless, hours after the launch, customers started reporting difficulties in claiming tokens. Addressing the problem on X, Jupiter wrote:
“The pie is rising too quick. Claims are a bit sluggish, however are nonetheless working. We’re being throttled by Web2 infrastructure suppliers, so requests are nonetheless going by means of however sluggish. Working round now! Be affected person with us,” Jupiter posted on X.
The platform had beforehand warned customers about potential Solana community congestion and excessive gasoline charges, suggesting they make the most of the three-month declare window slightly than claiming instantly.
The token confronted instant promoting stress because the airdrop went stay on Wednesday.
JUP initially gained 5% earlier than a selloff started as extra customers began claiming their tokens. At press time, JUP is buying and selling at $0.81 and will expertise additional volatility as extra customers declare the airdrop.
The distribution is a part of a broader Jupiter DAO initiative that features plans to airdrop 700 million JUP tokens yearly in 2025 and 2026.
Whereas JUP reached an all-time excessive of $2.00 throughout its first airdrop in January 2024, the token has since dropped 59%.
