- Solana remained stable despite increased traffic via Jupiter.
- SOL has declined by close to 6% in the last 24 hours.
Solana [SOL] recently underwent an airdrop event. The network underwent a stress test due to the substantial number of users participating in the airdrop.
This occurrence led to notable alterations in certain critical network metrics.
Jupiter airdrops on Solana
On the 31st of January, Jupiter, the largest Decentralized Exchange (DEX) on Solana, conducted an airdrop event on the network. The airdrop generated significant attention from users.
Before the airdrop, Jupiter achieved notable milestones, surpassing major networks like Ethereum [ETH] in daily volumes.
According to data from CoinMarketCap, the newly launched JUP token recorded a trading volume of over $1.2 billion in the last 24 hours.
AMBCrypto’s analysis of the JUP token showed that it opened its trade at around $0.03. The token experienced a surge, reaching $0.8 before concluding trading at around $0.66.
However, at the time of this writing, it was trading at around $0.5, showing a loss of over 11%.
CoinMarketCap’s data also showed that the token had lost over 60% of its market capitalization in the last 24 hours. As of this writing, the market cap was around $790.8 million.
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Author: Adewale Olarinde
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