Jupiter’s $500M AirDrop sparks sell-off: Can JUP recover?

Jupiter’s $500M AirDrop triggers 61% wallet claims, but drives JUP’s 11% price drop in 24 hours.
Liquidation activity stabilizes as JUP Open Interest rises 8.63% to $122.9M amid strong trading volume.

Solana [SOL]-based decentralized exchange, Jupiter [JUP], has officially launched its much-anticipated “Jupuary” AirDrop.

Over 2 million wallets are eligible to receive a share of 700 million JUP tokens, valued at approximately $500 million.

As of the 23rd of January, 578,657 wallets—representing 61% of eligible participants—have successfully claimed their tokens, per Dune data. This leaves nearly 39% of wallets yet to engage with the AirDrop.

JUP declines amid heavy trading volume

JUP’s price stood at $0.7849 at press time, reflecting an 11.29% decline over the past 24 hours. Over the last week, the token has experienced a 3.65% decline, with its market capitalization now at $1.86 billion.

Trading volume remained robust, hitting $816 million over the last 24 hours.

The token’s recent price decline is linked to increased sell-offs following the distribution of AirDropped tokens. Profit-taking behavior has been observed as recipients liquidate their holdings.

At the same time, the AirDrop has contributed to higher liquidity and trading activity, which may help stabilize the market in the near future.