Solana’s JUP surpass $450 million trading volume in less than six hours
Despite the significant volume, the token is trapped within a price range that remains even after its listing on major centralized exchanges.
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Decentralized exchange aggregator Jupiter opened this Wednesday the claim period to users who qualified for the airdrop of its native token, called JUP. In less than six hours, the token registered over $450 million in trading volume on Jupiter’s platform alone. However, Solana’s network holding up while processing massive activity stole the spotlight.
The trader who goes by the name ‘Ted talks macro’ highlighted through an X (formerly Twitter) post that Jupiter processed 1.2 million transactions in just one hour after the claim of JUP was made possible.
Mert Muntaz, CEO of Solana infrastructure provider Helius Labs, offered more depth to Solana’s accomplishment, pointing out that the network handled up to 1.400 transactions per second. He adds that some of those transfers aren’t “simple”, holding “incredibly complex swaps that leverage the full composability of Solana”.
Muntaz adds that Helius’ RPC managed to stay up for most of the time while dealing with up to five times the average amount of transactions.
The X user who goes by the alias ‘Aylo’ on the social platform spoke about issues when claiming JUP tokens. Yet, he claims that those were related to the RPC being used, and changing to the one hosted by Helius solved.
WEN, another token issued by the team behind Jupiter, jumped 93% in price in less than eight hours of its launch. JUP, however, is showing a slower start. Trading data aggregator Birdeye reveals that the token is stuck between the $0.61 and $0.74 price range. Not even the listing on centralized platforms, such as Binance, Bybit, and OKX, was enough to release JUP from its price enclosure.
At the time of writing, almost 510,000 unique JUP trades were executed on Jupiter, with over $290 million volume in buy orders and $162 million volume created by users willing to sell the token.