Key takeaways
- Jupiter’s JUP token fell 6% to $0.81 after the airdrop of 700 million tokens was launched.
- Users have experienced slow claim processes, with Jupiter urging patience and noting that users have a three-month claim period.
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Jupiter’s native token JUP fell 6% to $0.81 over the past 24 hours as the platform went live. The token is down more than 33% from its recent high of $1.20.
The Solana-based decentralized exchange aggregator began the airdrop early Wednesday, distributing 700 million JUP tokens worth $567 million to about 2 million eligible wallets.
However, hours after launch, users started reporting difficulties in claiming codes. In addressing the problem on X, Jupiter wrote:
“The pie is growing very quickly. Claims are a little slow, but they’re still working. We’re being throttled by Web2 infrastructure providers, so requests are still going in but they’re slow. Working around them now! Be patient with us, Jupiter to publish On X.
The platform had preceded to caution users about potential congestion in the Solana network and higher gas fees, suggesting they use the three-month claim window rather than claiming immediately.
The token faced immediate selling pressure as the airdrop began on Wednesday.
JUP initially gained 5% before selling off as more users started claiming their tokens. At press time, JUP is trading at $0.81 and may face further volatility as additional users demand airdrops.
The distribution is part of the broader Jupiter DAO initiative that includes plans to drop 700 million JUP tokens annually in 2025 and 2026.
While JUP reached an all-time high of $2.00 during its first drop in January 2024, the token has since fallen by 59%.
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