Jupiter soars over 60% on heels of airdrop

In the past seven days, Jupiter (JUP) has seen a 61% increase in price.

Despite experiencing a price dip to $0.0479 in January, its market capitalization of $1.7 billion and a trading volume exceeding $991 million in the last 24 hours, indicate positive investor sentiment in the project.

Jupiter price fluctuations, bullish momentum

Jupiter is an essential liquidity aggregator for Solana. It serves as a bridge between various DEX markets and AMM pools.

Based on a technical analysis, Jupiter has shown interesting price patterns.

On Jan. 31, the JUP token faced a decrease of $0.04. It encountered difficulties hovering around the support level of $0.05 from Feb. 13 to March 7.

By March 13, the token experienced a bullish surge, driving the price up to $1.15 — an increase of over 234% from the support level of $0.04.

When examining Jupiter’s price movements alongside Bitcoin (BTC) and Ethereum (ETH), a clear correlation emerges: Jupiter’s price often mirrors the direction of both BTC and ETH.

Moreover, forecasts for Jupiter’s price in the upcoming years suggest a bullish trajectory, with predictions ranging from $1.5 to $4 by 2030, as seen on trend patterns and technical analysis indicators.

Jupiter’s $700m airdrop saga

The Jupiter airdrop has emerged as a significant event in the cryptocurrency market. It garnered attention due to its extensive scale and impact on the Solana blockchain. 

This airdrop entailed the distribution of approximately $700 million worth of JUP tokens to nearly a million wallets, marking one of the most substantial token distributions on Solana to date.

As a result, the token initiated its price ascent immediately upon its launch at 10 a.m. ET (15:00 UTC). Initial bids hovered around $0.41, and surged to $0.72, resulting in a fully diluted market capitalization exceeding $6 billion for JUP.

Key highlights of the Jupiter airdrop include a total supply of 10 billion JUP tokens, with eligibility criteria based on users’ interactions with Jupiter before Nov. 2, 2023. 

The distribution plan consisted of four rounds of airdrops, with the first round allocating 10% of the total supply to the community. Different tiers of users received varied token allocations based on their trading volume and engagement with the platform.

Despite encountering some challenges during the launch, such as RPC nodes initially struggling to keep up with user demands, the Solana network maintained 100% uptime during peak activity.

The event not only facilitated token distribution but also served as a test for Jupiter’s infrastructure and liquidity pool designs. However, alterations in regulations or government policies concerning cryptocurrencies may alter investor sentiment and market dynamics, consequently influencing Jupiter’s price trajectory.

At the time of writing, Jupiter is trading at $1.27, according to data from CoinGecko.