The long-awaited $JUP tokens from Jupiter, the Solana-based DEX, went live earlier this week.
However, in the middle of the frenzy, while some things went very wrong, other things went very right.
In particular, Some traders seem to have speculated on the wrong "Jupiter," while a 17-year-old trader claims to have made a cool $1 million from the worldwide $700 million $JUP airdrops.
Let's take the madness apart bit by bit, and see what really happened this week.
This week on 31 January, the long-awaited JUP airdrop hit the internet, making millionaires overnight.
However, in the middle of the rave, another Ethereum cryptocurrency, which coincidentally had the same "JUP" ticker symbol exploded upwards, before crashing, mere hours after.
According to data from CoinMarketCap, this wrong JUP token exploded upwards from around $0.005 on 30 January, to around $0.026 on 31 January, right before crashing down hard to $0.0053 where it now sits.
Best guess?
Traders got confused with the names of both tokens and bought the Ethereum-based one, in the hopes of catching the pump.
What is interesting is how this wrong token exploded upwards just hours before the official Solana-based one and crashed right back down after things cleared up.
This airdrop is now remembered as one of the largest in the history of crypto, joining the likes of Apecoin, Arbitrum, dYdX and Unsiwap in the airdrop Hall of fame.
One of the most interesting developments on JUP this week was a 17-year-old crypto investor who claimed to have received 40 million JUP, worth roughly $1 million.
This investor with the Twitter username notshort said he had interacted with the Jupiter smart contracts in December 2023, when the platform was still in beta testing.
Notshort expressed pleasant surprise at his JUP allocation, stating that he had no idea how generous this airdrop would turn out to be.
In total, notshort spent about $100 initially on the Jupiter platform and plans to hold his tokens before selling.
At the time of writing, data from Dune Analytics shows that only about 45% of eligible addresses have claimed their JUP tokens, and about 2 users got a whopping 7-figure dollar sum.
Solana, at the time of writing, trades at around $95. The cryptocurrency has declined by about 4.64% over the last day but is still up by around 9.74% over the last week.
This presents a scenario in which Solana continues to decline further away from the $100 zone, despite breaking above only a few days ago.
According to charts provided by TradingView, Solana broke above its 50-day EMA, got rejected from $106, and is now reversing course for a retest of this moving average.
If this outlook holds water, then we can expect that even if Solana has to decline some more over the coming days, it will possibly hit this moving average (which currently sits at around $90).
From this price level, Solana will be more poised than ever, to attempt another higher high likely above the $106 peak from 30 January.
Overall, Solana remains highly bullish in the grand scheme, as long as the bulls are able to defend the line above the $79.2 support.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.