In the news that has grabbed considerable attractions in the crypto sphere, a single Solana-based user reportedly made fortunes off the first phase of Jupiter’s airdrop campaign.
Jupiter, a rising Decentralized Exchange (DEX) hub on the Solana network, has just completed the first airdrop of its native JUP token.
The airdrop was one of the four possible phases proposed by the team in charge. It was regarded as one of the largest token airdrops ever witnessed in the Solana blockchain, with about 1 billion JUP tokens distributed to some selected addresses on Wednesday.
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Amidst the excitement about the JUP airdrop, a particular trader accumulated 1.85 million JUP tokens worth about $1.17 million despite the not-too-buoyant supply.
Single User In Control Of 9,246 Active Wallets
While the precise strategy the unknown trader employed to amass JUP tokens airdrops worth over a million dollars remains unknown, Lookonchain, a globally recognized blockchain resource firm, has revealed some findings about this anonymous investor.
Per the blockchain surveillance platform, the crypto user with wallet “7PoJrJ” has about 9,246 active wallets under his control, which was crucial to helping the investor accumulate $1.17 million worth of JUP airdropped coins.
Notably, about 950,000 wallets were selected as potential JUP’s first phase airdrop recipients, which invariably implies that the trader’s 9,246 active wallets were roughly 0.97% of the total addresses marked to receive the airdrop.
It seems someone made $1.17M in the $JUP #airdrop!
— Lookonchain (@lookonchain) February 1, 2024
Wallet"7poJrJ" received an airdrop of 1.85M $JUP($1.17M) via ~9,246 wallets.
Then sold 1.4M $JUP($898K) at $0.6371 on #DEX, and deposited 121K $JUP($77K) to #Bybit and #MEXC.
The wallet has 319K $JUP($196K) left currently. pic.twitter.com/llz2fWYWJN
Leveraging a DEX, the anonymous investor has already sold off 1.4M JUP at the rate of $0.6371 per token, totaling about $898,000.
After the above sell-off, the trader triggered another transaction across two exchanges, Bybit and MEXC, where he made $77,000 from 121,000 JUP coins.
It is worth mentioning that Binance, the world’s largest exchange, alongside the exchanges highlighted above, indicated interest in listing JUP once the token gets launched.
Having triggered the sell-offs above, data from Solscan, Solana (SOL) blockchain explorer, revealed that the investor is still holding on to about 319,000 coins valued at roughly $231,750.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
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How Solana Users Qualified For The Airdrop
The airdrop was mapped for Solana users who have initiated trade volumes running into about $1,000 on the Jupiter ecosystem before the November 2, 2023, snapshot.
Jupiter’s platform tokenomics revealed that out of the total 10 billion JUP tokens supply, 5 billion coins were distributed among the users via airdrops and other means. The remaining 5 billion coins will serve as funding for running the team’s operations.
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