Jupiter token price drops after airdrop launch

Key Takeaways

Jupiter's JUP token fell 6% to $0.81 after the launch of its 700 million token airdrop.
Claims processes were slow against consumers, with Jupiter urging patience and noting that consumers have a three-month claim window.

Jupiter's native token JUP fell 6% to $0.81 in the past 24 hours as the platform's latest airdrop went live. The share price is down more than 33% from its recent high of $1.20.

The Solana-based decentralized exchange aggregator began its airwaves early Wednesday, distributing 700 million JUP tokens worth $567 million to about 2 million eligible wallets.

However, a few hours after the release, users started reporting problems in claiming tokens. Addressing the issue on X, Jupiter wrote:

“The pie is growing too fast. Applications are a little slow, but they still work. Web2 infrastructure providers have overwhelmed us, so requests are still going through but slowly. Working around now! Be patient with us,” Jupiter posted on X.

The stage was before warning consumers about potential Solana network congestion and high gas costs, suggesting they use the three-month application window rather than applying immediately.

The token was immediately under selling pressure when the airdrop went live on Wednesday.

JUP initially gained 5% before selling off as more users started claiming their tokens. At press time, JUP is trading at $0.81 and there may be more volatility as more users claim the airdrop.

The distribution is part of a broader Jupiter DAO initiative that includes plans to issue 700 million JUP tokens annually in 2025 and 2026.

While JUP reached an all-time high of $2.00 in its first airspace in January 2024, the token has since fallen 59%.