Just 24 hours after the Solana-based decentralized exchange aggregator Jupiter airdropped its JUP governance token to eligible wallets, several users are starting to cash out. On-chain data confirms that a crypto user netted a whopping $1.17 million profit from the airdrop.
It seems someone made $1.17M in the $JUP #airdrop!
Wallet”7poJrJ” received an airdrop of 1.85M $JUP($1.17M) via ~9,246 wallets.
Then sold 1.4M $JUP($898K) at $0.6371 on #DEX, and deposited 121K $JUP($77K) to #Bybit and #MEXC.
The wallet has 319K $JUP($196K) left currently. pic.twitter.com/llz2fWYWJN
— Lookonchain (@lookonchain) February 1, 2024
How It Was Accomplished
The wallet address with the prefix – 7poJrJ – received an airdrop of 1.85 million JUP tokens in approximately 9,246 wallets. An early bid of the governance token saw it traded around $0.4 before soaring to $2 within hours of trading in centralized and decentralized exchanges like Bybit, KuCoin, Bitfinex, Gate.io, HTX, and others.
When JUP traded at $0.6371, the wallet owner sold 1.4 million tokens (worth approximately $898,000) on decentralized exchanges. An additional $77,000 worth of JUP tokens were deposited in Bybit and MEXC.
Around $196,000 worth of tokens remained in the wallet owner’s portfolio at press time.
Jupiter’s JUP Airdrop Hits $700M
Jupiter, being one of the biggest DeFi protocols on Solana, airdropped 1.35 billion JUP tokens to nearly a million wallet addresses on January 31st. The protocol has allocated 40% of its total supply of 10 billion tokens to its community. This implies that more JUP airdrops or giveaway campaigns may likely come up in the future.
During its first airdrop, 955,000 wallets that interacted with the Jupiter protocol before November 2nd, 2023 were eligible for the airdrop. Impressively, the Solana network remained stable throughout the airdrop claims and trading.
Records confirm that approximately $700 million worth of JUP tokens were distributed to wallet addresses.
According to the price tracking platform CoinStats, JUP traded at $0.6 at the time of writing, representing a 2.65% increase in the past 24 hours.
Source: CoinStats
