JUP Exhibits Extraordinary Trading Volume In Just A Few Hours

Jupiter, the decentralized exchange aggregator, recently initiated the claim period for eligible users to receive the airdrop of its native token, JUP. Within a short span of under six hours, the token saw a trading volume exceeding $450 million solely on the Jupiter platform. Nonetheless, the noteworthy resilience exhibited by the Solana network in managing extensive activity during the processing stole the limelight.

Staggering TPS Rate

Jupiter reportedly executed 1.2 million transactions within just one hour after enabling JUP claims. Mert Muntaz, CEO of Helius Labs, a Solana infrastructure provider, provided more insight into this development. He emphasized that the network handled up to 1,400 transactions per second (TPS), some of which involved intricate swaps leveraging the full composability of Solana.

In addition, Muntaz also mentioned that the Helius RPC remained operational for most of the time, even while dealing with transaction volumes up to five times the average. A user on the X platform, using the alias Aylo, shared challenges encountered during JUP token claims. However, he asserted that these issues were associated with the RPC in use, and switching to the one hosted by Helius resolved them.

Price Remains Steady

Despite a rapid 93% price surge within eight hours of launch for WEN, another token that emerged through the Jupiter team, JUP experienced a slower start. According to trading data via Birdeye, the price of the token has been confined within the $0.61 to $0.74 range. Even the listing on centralized platforms like Binance, Bybit, and OKX failed to liberate JUP when it came to this price range.

As of the current status, Jupiter has executed nearly 510,000 unique JUP trades, with a buy order volume surpassing $290 million and a sell order volume reaching $162 million.