Solana decentralized finance (DeFi) aggregator Jupiter is about to airdrop its personal JUP token on January 31 for almost a million eligible wallets. However the platform will check out its launchpad earlier than then with an airdrop for a meme coin—and the aggregator’s founder says it’ll be a fair bigger drop than for JUP.
Jupiter’s launchpad will debut a token this week from Ovols, a “DeFi meets NFTs” protocol on Solana. The coin wasn’t created by Jupiter itself, however the protocol will use its know-how to debut the meme coin earlier than trying to launch JUP to the plenty.
We knew that Jupiter deliberate to assist launch a meme coin earlier than the JUP airdrop, however in any other case the main points had been unclear. We didn’t know whose coin it will be, or who could be eligible for the drop. However now we all know that the airdrop is deliberate to be even bigger than that of JUP itself.
“With much more airdrop recipients than JUP, it will likely be a a lot decrease stakes, enjoyable, however equally extraordinarily technically difficult check for the launchpad,” wrote pseudonymous Jupiter founder Meow on Twitter.
Ovols will present 1% of its meme coin provide to Jupiter for the service, Meow wrote, with 75% of that set to go to the upcoming JUP DAO—a neighborhood group that oversees the Jupiter (JUP) token—with the 25% share going to Jupiter’s staff.
Jupiter has but to announce a date for the Ovols meme coin airdrop, however with a acknowledged goal of this week, it’s positive to be within the subsequent few days. In line with Meow, Jupiter’s launchpad will tackle additional initiatives beginning in February, following the deliberate January 31 airdrop for JUP.
Meme cash have seen surging recognition on Solana in latest weeks, though they’re famously risky and might spike or plunge sharply with little apparent purpose.
BONK, a meme coin handed out to the Solana neighborhood in December 2022, noticed a dramatic spike in worth late final yr—a lot so {that a} token airdrop valued at $300 in 2022 was valued above $500,000 a yr later. However BONK’s value has fallen 69% during the last month since peaking on December 15.
One other Solana meme coin, Dogwifhat (WIF), has surged in latest weeks… but it’s already down 47% after setting a brand new all-time excessive value lower than every week in the past.
Meme cash aren’t recognized to be probably the most secure crypto property, however airdrops convey loads of short-term pleasure—and might pump a whole bunch of tens of millions of {dollars} price of worth into crypto communities. Jupiter has two such airdrops deliberate within the subsequent a number of days.
Edited by Ryan Ozawa.
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