Jupiter Airdrop Farmer Makes $1.1 Million Using Nearly 10,000 Wallets After Token Launch
Jupiter Airdrop Farmer Makes $1.1 Million The use of Almost 10,000 Wallets After Token Commence
An airdrop farmer has made over $1 million in Jupiter tokens after developing with regards to 10,000 Solana wallet addresses, per a February 1 X post.
Blockchain tracking firm Lookonchain printed that the airdrop farmer had bought 1.85 million Jupiter tokens thru 9,246 wallets.
Airdrop Farmer Creates 1% of All Eligible Wallets
Following the airdrop, a share of the bought tokens, valued at over $1 million even after a 69% impress decline, was sold on the Jupiter platform to ranking money.
The user deposited roughly $77,000 in airdropped tokens on each and each Bybit and Mexc. In step with Lookonchain, the airdrop farmer possessed 319,000 JUP, which were valued at $196,000 on-chain. This individual represents roughly 1% of the eligible wallets for Jupiter’s airdrop.
It looks somebody made $1.17M in the $JUP #airdrop!
Pockets”7poJrJ” bought 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
— Lookonchain (@lookonchain) February 1, 2024
The revelation has generated controversy on X, with many users speculating that the farmer was an insider.
“He’s somebody from the company pointless to squawk,” commented user @Anseriin. “He knew what to construct and when. It’s constantly the an identical pattern.”
WEN and JUP Airdrops
Jupiter has rapidly obtained reputation as one in every of the leading Solana DeFi protocols, in particular after the original launch of its decentralized alternate and two consecutive token distributions.
Jupiter users before all the pieces bought the WEN memecoin as a nod to crypto custom and the creator of JUP, Weremeow. This token was inspired by a fractionalized NFT poem, serving as a stress test for an upcoming airdrop.
Jupiter then began distributing its native token, JUP. This initiative disbursed $700 million in tokens to early supporters and users of the Solana DEX. The launch faced controversy, alternatively, in particular referring to a seven-day interval for the interval of which Weremeow and his group would possibly per chance well sell 2.5% of JUP’s 10 billion token provide, nonetheless totally if the price remained above 70 cents.
This approach raised concerns amongst users and airdrop recipients, who feared a doubtless predominant sell-off would possibly per chance well undermine self perception in the mission.
Jupiter’s native token is currently procuring and selling at $0.00584, per CoinMarketCap.
Source : cryptonews.com
