Trading volumes on the Solana-based decentralized exchange, Jupiter, have surged to an impressive $480 million in the past 24 hours.
This surge in activity can be attributed to the high demand for a new memecoin airdrop and increased stablecoin swaps.
Jupiter’s trading activity has surpassed that of Uniswap, a popular decentralized exchange on the Ethereum network, by $10 million.
The combined trading volume of both Uniswap’s v2 and v3 protocols in the last 24 hours amounted to only $470 million, according to CoinGecko data.
Of the $480 million in daily trading volume, approximately $50 million was generated from the trading of Wen, a new memecoin.
Wen could be claimed by any Solana user who had interacted with Jupiter within the last six months, as well as by owners of Solana’s Saga phone.
Jupiter’s developers introduced Wen as an experimental precursor to the highly anticipated airdrop of the exchange’s native token, JUP, scheduled for launch on January 31.
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The majority of the trading volume on Jupiter over the past day was attributed to the exchange of Solana for USD Coin and Tether, amounting to $191 million of the total daily volume.
As of the current moment, pre-market JUP tokens are trading at approximately $0.61, based on data from perpetuals traded on the decentralized exchange Aevo.
The estimated total value of the upcoming 1 billion token JUP airdrop could exceed $600 million at current prices.
This surge in market activity surrounding Wen and JUP coincides with a wave of recently announced airdrops within the crypto ecosystem.
On January 25, AltLayer, an Ethereum scaling solution, unveiled plans for a $100 million airdrop to its users.
Additionally, Dymension, a multilayer rollup deployer, is preparing to launch its mainnet in the coming days, offering a total of 70 million DYM tokens as an airdrop to eligible users, valued at approximately $210 million at pre-market prices.
