The blockchain ecosystems within the crypto market are experiencing significant activity, particularly within the Solana network. Jupiter, a decentralized exchange on Solana, has witnessed a remarkable increase in trading volumes, reaching $480 million in the past day. This surge is attributed to the excitement over a new memecoin airdrop and a rise in stablecoin transactions.
Volume Spike on Jupiter Exchange
Recent data from CoinGecko reveals that Jupiter’s trading volumes from its V2 and V3 protocols have eclipsed those on Uniswap, an Ethereum-based exchange, by $10 million. The total trading volume for these Jupiter protocols hit $470 million within the same 24-hour period.
A significant portion of Jupiter’s daily trading volume, over $50 million, was driven by trades of a memecoin named “Wen.” This coin is available to any Solana user who has engaged with Jupiter in the past six months and to owners of the Solana Saga phone.
The creation of the Wen memecoin by Jupiter’s developers serves as a precursor to the much-anticipated airdrop of Jupiter’s native token, JUP, set for release on January 31. Notably, a large part of the trading volume on Jupiter recently has involved Circle’s USD Coin and Tether on Solana, accounting for $191 million of the total daily volume.
In the broader crypto ecosystem, the hype around the WEN and JUP tokens coincides with a wave of airdrop events. For instance, Ethereum’s scaling solution AltLayer announced a $100 million airdrop, while Dymension, a multi-layer rollup distributor, is preparing to launch its mainnet and distribute roughly 70 million DYM tokens, valued at about $210 million in pre-market trading, to qualified users.