Trading volumes on the Solana-based decentralized exchange Jupiter have topped the charts at $480 million in the last 24 hours — amid a frenzy for a new memecoin airdrop and heightened stablecoin swaps.
The trading activity has even seen Jupiter beat out the Ethereum-based volumes on Uniswap from both V2 and V3 protocols by $10 million, with the combined trading volume of those protocols only amounting to $470 million in the last 24 hours, per CoinGecko data.
A little over $50 million worth of Jupiter’s total daily trading volume came from traders buying and selling “Wen,” a memecoin that could be claimed by any Solana user who’d interacted with Jupiter in the last six months, as well as owners of Solana’s Saga phone.
The memecoin was designed as an experiment by Jupiter developers, ahead of the eagerly-awaited airdrop of the exchange’s native token JUP, currently slated for launch on Jan. 31.
However, the bulk of the volumes on Jupiter over the last day were the trading of Solana into Circle’s USD Coin and Tether, which accounted for $191 million of the total daily volume.
Pre-market JUP tokens are currently trading for around $0.61, according to data from perpetuals being traded on the decentralized exchange Aevo. The estimated total value of the 1 billion token JUP airdrop, could exceed $600 million at current prices.
The market excitement around WEN and JUP comes amid a swathe of recently announced airdrops from a variety of projects in the crypto ecosystem.
On Jan. 25, Ethereum scaling solution AltLayer announced a $100 million airdrop to its users.
Meanwhile, multilayer rollup deployer Dymension is planning to launch its mainnet sometime in the next few days and will airdrop a total of 70 million DYM tokens — worth around $210 million at pre-market prices — to eligible users.