CoinDesk Analysis Team
CoinDesk
Jupiter, a Solana-based decentralized trading aggregator, is scheduled to launch its native token, JUP, through an airdrop on Wednesday at 10 a.m. EST.
The token will have an initial maximum circulating supply of 1.35 billion, Jupiter's pseudonymous founder Moew said Tuesday in a forum post, downwardly revising the total number of coins available for trading from the previously decided figure of 1.7 billion.
In other words, the token could begin trading with a market capitalization of around $700 million, considering the JUP-U.S. dollar perpetuals traded at 65 cents on Aevo at press time.
Of the initial circulating supply of 1.35 billion, 1 billion coins are for airdrops, 50 million each for loans to market makers on centralized exchanges and liquidity pool needs, and 250 million for a launch pool. Airdrop refers to crypto projects distributing free new or existing tokens en masse to their communities to boost adoption.
About 955,000 wallets that interacted with Jupiter before Nov. 2 are eligible for the JUP airdrop, according to data source Airdrop Official.
Everything you need to know about the Jupiter airdrop tomorrow in one page.
— Ryan Selkis (d/acc) (@twobitidiot) January 30, 2024
(via Messari Intel) pic.twitter.com/8gH6oz0Zn1
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
Recommended Content
Editors’ Picks
Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms
Bitcoin price teased its all-time high of $73,777 last week but declined to trade below $69,000 on Monday. Analysts suggest that market volatility is expected to rise as the US presidential election approaches.
Litecoin poised for double-digit decline after breaking ascending trendline
Litecoin breaks and closes below an ascending trendline, signaling a change in market structure. On-chain metrics paint a bearish picture, as LTC’s dormant wallets are active, and the NPL indicator shows a negative spike.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all faced resistance at crucial levels ahead of the US Elections, leading to a price decline. As of Monday, they neared key support levels, and a firm close below these marks could signal further declines.
21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC
21Shares filed an S-1 registration with the Securities and Exchange Commission (SEC) on Friday for an XRP exchange-traded fund (ETF). While the chance of approval is slim with the current SEC administration, the landscape could change after the upcoming elections.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.