DEX Jupiter Flips Uniswap in Daily Trading Volume

Jupiter’s $480M trading surge eclipses Uniswap, with Wen memecoin and SOL to USDC/USDT swaps driving market excitement.
DEX Jupiter Flips Uniswap in Daily Trading Volume

According to CoinGecko data, Jupiter, a decentralized exchange on the Solana network, has experienced a spectacular surge in trade volumes, hitting $480 million in the last day. This is a significant milestone in the cryptocurrency world. This accomplishment significantly outperformed the combined trade volumes on Ethereum of $470 million for Uniswap’s V2 and V3 protocols during the same period.

Recently, trades worth over $50 million were made on Jupiter’s trading platform including the unique memecoin “Wen.” Users who had interacted with Jupiter on the Solana network and owners of Solana Saga phones were granted access to this memecoin. The Jupiter team is implementing a calculated plan with the launch of Wen to prepare for the January 31 release of their token, JUP.

The majority of trade activity on Jupiter was the conversion of Solana’s $97-priced SOL into stablecoins, such as Tether (USDT) and USD Coin (USDC), which are both fixed at $1.00.Of the total volume, $191 million came from these transactions alone.

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SOL, USDT/ USDC, Crypto Currency Price chart, Source: CoinMarketCap

The decentralized exchange Aevo’s pre-market trade data suggests that the value of JUP tokens is roughly $0.61. At these rates, the airdrop’s overall value might exceed $600 million, considering the distribution of 1 billion JUP tokens that is planned.

With a $100 million airdrop to its user base, the excitement around WEN and JUP tokens fits with a larger trend in the cryptocurrency space where airdrops have become a popular promotional tactic.

These advancements signify a dynamic stage in the bitcoin market, marked by creative approaches to user engagement and amplification of trading activity across several platforms.

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