Jupiter's Trading Volumes Soar on Solana Ahead of JUP Issuance

• Solana-Based Trading Platform, Jupiter, Records Over $500 Million in Trade Volume
• Jupiter's 550 Tokens and Wide Array of Trading Pairs
• Trading Volumes of wen (WEN) Memecoin
• Jupiter Surpassing Ethereum's Uniswap v3 Volume
• Issuance of JUP Tokens on Wednesday
• Predicted Impact of Tokens on Solana's Activity

Solana-Based Trading Platform, Jupiter, Records Over $500 Million in Trade Volume

Recently, Jupiter information" data-id="5052">Jupiter$0.0058 -4.87%, a trading aggregator based on Solana$104 5.03%, has handled over $500 million in trades within 24 hours. This milestone comes just before the planned issuance of its own token on Wednesday. In doing so, Jupiter has surpassed Uniswap v3, thereby becoming the largest trading platform based on that volume metric.

Jupiter's 550 Tokens and Wide Array of Trading Pairs

According to data from CoinGecko, Jupiter has 550 tokens and over 5,550 listed trading pairs. The most active pair was the USD Coin (USDC)/Solana (SOL) pair, which witnessed $166 million in volume. Jupiter also routes orders to several Solana-based exchanges, ensuring that the best available price for an asset is executed whenever a trade is requested.

Trading Volumes of wen (WEN) Memecoin

Last week, the developers of Jupiter issued the wen (WEN) memecoin, which accounted for approximately $150 million in trading volumes across two trading pairs. The claim period for wen tokens is set to end on Monday.

Jupiter Surpassing Ethereum's Uniswap v3 Volume

In a significant development, Jupiter's volumes surpassed those of Uniswap's v3, an Ethereum$2,315 -2.42%-based platform, which recorded $483 million in trades. Uniswap v3 is customarily noted as the largest decentralized exchange (DEX) by volume.

Issuance of JUP Tokens on Wednesday

Jupiter is set to issue its JUP tokens on Wednesday. It is noteworthy that almost 1 million Solana wallets have become eligible for a part of the considerably large airdrop. This airdrop will consist of 40% of JUP's total supply, a proportion that mirrors Jupiter's popularity among traders.

Predicted Impact of Tokens on Solana's Activity

Traders are predicting that the new tokens will stimulate activity on Solana, much like the Jito airdrop did in December, which led to a memecoin frenzy on the blockchain. The increased demand led to a notable increase in the prices of Solana's SOL, doubling within the month. This spike in demand even prompted Solana's flagship Saga phone to announce a second device to cater to the reinvigorated buzz.

Edited by Jonathan Stoker