According to Cointelegraph: Solana-based decentralized exchange (DEX), Jupiter Exchange, has recently seen its trading volumes surge in a frenzy for a new memecoin airdrop and increased stablecoin swaps. The DEX topped the charts at $480 million in trading volumes over the last 24 hours, even beating the combined volumes of Ethereum-based Uniswap V2 and V3 protocols by $10 million, according to CoinGecko.
A significant portion of Jupiter's daily trading volume, over $50 million to be exact, was attributed to the buying and selling of "Wen," a new memecoin claimable by any Solana user who interacted with Jupiter over the past six months, as well as owners of Solana's Saga phone. Jupiter developers launched this memecoin as an experiment ahead of the JUP − Jupiter's native token − airdrop expected on January 31.
However, much of Jupiter's trading volumes were taken by the swap of Solana's SOL tokens into Circle's USD Coin (USDC) and Tether (USDT), accounting for $191 million of the total daily volume. Pre-market JUP tokens are currently being traded at around $0.61 each. The estimated total value of the JUP airdrop, comprising 1 billion tokens, could exceed $600 million at current prices.
This market fervor around WEN and JUP adds to the recent wave of announced airdrops from various projects in the crypto ecosystem. Ethereum scaling solution, AltLayer, announced a $100 million airdrop on January 25, and multilayer rollup deployer Dymension plans to launch its mainnet soon, with a combined airdrop of 70 million DYM tokens, worth approximately $210 million, for eligible users.