JUP Price Plummets 60% After $1B Airdrp: Should You Buy the Jupiter Token Now?

Jupiter’s recent price fluctuations have been nothing short of a rollercoaster. The price shot up to more than $1 billion after the Airdrop, but it quickly went down, showing some short-term ups and downs. After reaching a high of $1.27 right after the airdrop, Jupiter’s price dropped by 60%.

This happened after the completion of the first out of four planned airdrops, where they distributed 40% of all JUP tokens.

Jupiter’s Airdrop Details

Following the Solana on January 31, the JUP price surged to an impressive high of $1.27. Early bids were around $0.41, signifying a tripling of the JUP price and propelling its market cap to a staggering $1.72 billion at its peak.

The Jupiter airdrop, part of a four-round distribution plan, aimed to allocate 40% of the total JUP token supply. The first round distributed 10% of the supply, a whopping 1 billion tokens. Fun fact – 955,000 wallets that engaged with Jupiter before November 2nd were eligible, and a 17-year-old participant even earned $1,000,000.

The Plan Isn’t Problem-Free!

While the airdrop faced minimal issues, certain RPC nodes experienced challenges in meeting user demands, particularly in the initial 30 minutes. Validators reported a less-than-optimal user experience, emphasizing the importance of addressing technical challenges for future airdrops.

Predicting the Future & Spotting Opportunities

The path of Jupiter’s trading volumes is crucial in predicting its future. Potential investors should be cautious, considering the possible impact of airdrop-induced excitement on JUP’s value.

For strategic long-term investors, a retracement towards $0.40 might be a promising opportunity amid market fluctuations. However, after the Solana airdrop on January 31, JUP faced a wave of selling. Currently trading 2.57% lower, just below $0.560, it’s a bit of a rollercoaster in the world of Jupiter’s native token.

Read More: Solana Memecoin Triggers Frenzy as Traders Make 100x Profits; Altseason Soon?

In conclusion, the cryptocurrency world is full of surprises, and Jupiter’s recent journey is proof of its unpredictable nature. Hold tight, folks – who knows what’s next in Jupiter’s story?!