🛸When Should You Buy or Sell Jupiter (JUP)?🛸
🛸Jupiter, in spite of all the drama, had some amazing January stats, like being the most popular trading platform in DeFi, having an organic volume of 80% directly, and being the most popular protocol on the Solana network. In addition to being one of the top perpetual platforms, the project rated in the top two by volume on CoinGecko, with $1.4 billion in volume over the last week.
🛸Even though there was some backlash to the Jupiter (JUP) airdrop in the beginning, the project is now showing extraordinary promise. Considering JUP's positioning as an Ethereum rival to Uniswap, the past performance of Uniswap's UNI token price could indicate a bright future for JUP, given that it successfully overcomes its first tokenomics hurdles.
Wan continued by explaining how the JUP tokens were distributed, and it was revealed that most claimants got less than 1,000 JUP. He said that out of 261,000 wallets, or 59% of the claimants, just 200 JUP were given out, while 1,500 wallets got 100,000 to 200,000 JUP. Notably, 72% of receivers with less than 1000 JUP have already sold their tokens, while those who got bigger airdrop quantities seem to be holding onto their JUP tokens.
🛸Throughout the airdrop incident, the Solana network maintained its stellar performance. With a block duration of around 400 milliseconds, Solana processed 13% more transactions than in the previous 90 days. On the same day as the JUP airdrop, the network also saw an increase in active addresses, which hit a one-year high. This heightened activity was, however, well managed by Solana.
🛸At roughly $0.017 per transaction, the average charge is still pretty modest, even if it doubled from the previous day. Furthermore, the Solana network maintained its minimum priority cost at zero, meaning that users' transactions may still be processed without incurring hefty penalties.
