In the past 48 hours, trader activity on the Jupiter exchange has exceeded $480 million, primarily driven by stablecoin swaps and the flipping of Wen, a new memecoin.
In the last day, trading volumes on Jupiter, a decentralized exchange located in Solana, reached an all-time high of $480 million due to a surge in stablecoin swaps and a new memecoin airdrop.
Jupiter has even outperformed the Ethereum-based volumes on Uniswap from both the v2 and v3 protocols in terms of trading activity, outpacing both protocols' combined trading volume in the last 24 hours by $10 million, according to CoinGecko data.
The purchasing and selling of Wen, a new memecoin that could be claimed by any Solana user who had interacted with Jupiter in the previous six months, as well as users of Solana's Saga phone, accounted for slightly over $50 million of Jupiter's total daily trading volume.
In preparation for the much-anticipated airdrop of the exchange's native JUP token, which is presently scheduled for launch on January 31, the Jupiter developers created the memecoin as an experiment.
However, the majority of the activity on Jupiter during the past day was the exchange of Tether and USD Coin for Solana's SOL, which made approximately $191 million of the entire daily volume.
As of this writing, pre-market JUP tokens are selling for approximately $0.61, based on data from perpetuals traded on the decentralized exchange Aevo. At current pricing, the expected total value of the JUP airdrop with one billion tokens might be more than $600 million.
There have been a lot of lately announced airdrops from different projects in the cryptocurrency industry, which has the market excited about Wen and JUP.
Ethereum scaling solution AltLayer gave its users notice of a $100 million airdrop on January 25.
In the meantime, multilayer rollup deployer Dymension intends to airdrop 70 million DYM tokens to qualified users upon the launch of its mainnet, which is expected to be worth about $210 million at pre-market rates.