Many traders made huge profits by issuing $700 million worth of JUP tokens yesterday, January 31st. However, due to selling pressure, the token entered a downtrend, resulting in further losses.
According to the report, some traders bet on the wrong price of the Jupiter token before the release of the main token.
Traders download bad JUP while others use the original Solana JUP airdrop
On January 31, a few hours before the launch of the Solana-based JUP Jupiter flight, an Ethereum token was launched using the same token. The confusion arises because both have similar stock symbols. This Ethereum-based fake Jupiter surged over 350% within hours of its launch.
Unfortunately it crashed a few hours later. Data from CoinMarketCap shows that Ethereum-based JUP rose from $0.005 on January 30 to $0.026 on January 31. After the increase , the price then returned to the current price of $0.007 .
Ethereum Jupiter was launched in 2017 and is used for decentralized applications.
However, the website states that it is “no longer active.” Therefore, it is surprising to see the price dynamics. Meanwhile, Solana Jupiter is a DEX aggregator for trading and limit orders for Solana tokens. This is a real airdrop project.
Unfortunately, Ethereum JUP's 350% price increase came just hours before Solana's $700 million launch claim for Jupiter was released.
This indicates that the merchant may have purchased the wrong code. This was further confirmed when a 17-year-old trader claimed to have won $1 million from the first Jupiter token airdrop and publicly shared his winnings online.
Solana processes millions of transactions quickly
On January 31, the Jupiter exchange shared its progress on Platform X. According to the exchange, it can now handle 80% of organic trading volume .
In addition, this program also holds the title of the most used program in the Solana ecosystem.
Additionally , the platform claims it has “ become one of the best-prepared platforms , earning $1.4 billion last week .” In another article, Austin, director of the Solana Foundation, also reported that Jupiter's massive crash went smoothly. in Solana, without serious technical problems.
In the first 2.5 hours, Solana processed 2.5 million silent flight loss transactions. This flow of activity does not disrupt the network.
According to the Flipside dashboard, more than 20% of JUP’s 1 billion reserves were claimed immediately after the token was launched . However, nothing happened to the network.
One X user, Zaheer, wrote that the crash was "a major stress test for the network." “But Solana, like other channels, still has a lot of work to do to improve the situation,” user X added. This user posted this tweet highlighting a message from Austin Federa (Head of Solana Foundation) .
Notably, the head of Solana Austin Foundation shared a graph in his post and mentioned that the graph shows 102,229 claims, meaning the network is resilient despite the strain .
In response to this post, Zaheer said that the Solana network still has room for improvement, meaning it can get even better.