Amid the Jupiter Exchange token debacle, one airdrop farmer over $1 million in JUP coins using thousands of Solana wallet addresses.
The trader received 1.85 million Jupiter (JUP) tokens using 9,246 wallets to interact with the Solana-based decentralized exchange (DEX). Part of the airdrop haul, worth over $1 million even after a 69% price dip, was liquidated on Jupiter for profits.
The user deposited around $77,000 in airdropped tokens on Bybit and Mexc. According to LookOnChain, the airdrop farmer held 319,000 JUP valued at $196,000 on-chain. This person accounts for roughly 1% of the eligible wallets for Jupiter’s airdrop.
Jupiter has become one of the most popular Solana defi protocols following its recent DEX launch and two token distributions in quick succession.
First, users received the WEN memecoin as a salute to crypto culture and JUP creator Weremeow. A fractionalized NFT poem inspired the token, essentially a stress test for the next airdrop.
JUP, Jupiter’s native exchange token, came next. This initiative shared $700 million in tokens to early supporters and users of the Solana DEX. However, the launch was met with controversy.
The biggest concern was tied to a seven-day period where Weremeow and his team could sell 2.5% of JUP’s 10 billion token supply, but only if the price was above 70 cents. Users and airdrop recipients decried Weremeow’s elaborate approach, fearing that a massive dump may shake faith in the project.
The Solana DEX has lept above its peers like Uniswap in daily trading volume as traders flocked to capitalize on the latest airdrop frenzy. Per DefiLlama data, the exchange recorded $1.2 billion in volume over 24 hours, nearly $300 million more than Uniswap.