In a recent revelation on the X platform, the founder of Solana-based Jupiter Exchange, known by the pseudonym “meow”, shared insights into the token dynamics, addressing concerns within the community. The founder clarified the absence of selling after seven days for tokens in the launch pool, emphasizing the strategic use for the team treasury or liquidity pools.
Notably, this move, as per the founder, ensures fairness in funding, letting the team only access the settled price post-airdrops and initial buyer activities.
Jupiter Exchange’s (JUP) Token Mechanism
In a recent post on the X platform, meow (@weremeow), the founder of Solana-based Jupiter Exchange, addressed confusion surrounding the token sale. Meow clarified that there will be no selling after 7 days, and all tokens in the launch pool (both USDC/JUP) will either go to the team treasury or be used for liquidity pools.
Meanwhile, expressing confidence in the process, meow stated that the team would only receive the settled price after JUP airdrops and early buyer fluctuations. Emphasizing the fairness of this funding mechanism, the founder believes it effectively addresses concerns, ensuring equitable distribution post-airdrops and early transactions.
Notably, this clarification aims to provide transparency and instill confidence in the community regarding Jupiter Exchange’s token sale strategy.
Also Read: XRPL Integrates Hex Trust To Amplify Ripple’s XRP Adoption
Decoding Jupiter’s Meteoric Rise & Price Performance
Amidst the dynamic landscape of decentralized exchanges, Jupiter Exchange (JUP) has recently surged to prominence with strategic listings on major platforms. Binance’s decision to list the JUP token underscores its growing recognition, joined by Bybit, LBank, and BitMart. On the other hand, the Solana-based DEX has orchestrated substantial airdrops and listing events, creating a buzz in the crypto market.
However, despite the recent surge in JUP’s popularity, the JUP token faced a significant correction, dropping by 70% within 24 hours after the Solana airdrop, as reported by CoinGape Media earlier. The price, initially rallying post-airdrop, encountered a notable correction with trading volumes reaching $1.2 billion. The airdrop details reveal a strategic allocation plan for Jupiter tokens, with 40% of the total supply distributed across multiple rounds.
While Jupiter’s trajectory in trading volumes remains a pivotal factor in shaping its future, challenges were evident during the airdrop. Notably, certain RPC nodes experienced difficulties, impacting the user experience in the initial stages.
However, despite these challenges, Jupiter Exchange’s strategic positioning in the DeFi realm indicates a potential game-changer. However, investors are advised to approach with caution, considering potential short-term vulnerabilities arising from heightened excitement around the airdrop.
As of writing, the JUP price was down 61.15% to $0.6212, with its trading volume at $1.46 billion. Over the last 24 hours, it has touched a high of $2.04, and a low of $0.5594, suggesting the highly volatile condition hovering over the project.
Also Read: India To Slash Crypto Tax Rate To 5% After 2024 Elections, Expert Predicts
