A single Solana-based user received $1.17 million from the recent Jupiter (JUP) airdrop by employing a rather unusual strategy to secure more airdrop tokens.
Jupiter, a fast-growing decentralized exchange (DEX) aggregator on the Solana network, recently completed the first of its four airdrop phases amid the launch of the native token JUP. The team distributed 1 billion JUP tokens to select addresses yesterday.
However, an interesting incident occurred that has captured the attention of the broader crypto community. While the target of the airdrop stands at 950,000, a single investor was recently reported to have gulped $1.17 million worth of JUP tokens.
User Secures $1.17M JUP in 9,246 Wallets
Lookonchain, a notable blockchain surveillance resource, first spotlighted the development in a post today. According to Lookonchain, the individual with wallet “7poJrJ” secured the $1.17 million worth of airdropped tokens by creating and controlling about 9,246 wallets.
The method through which he achieved this feat remains unknown, but the crypto community has admired the sheer determination behind the move. Notably, these wallets represent nearly 1% of the total wallet target of the airdrop, which gave him a bigger chance of securing more assets.
Shortly after receiving the $1.17 million worth of assets, the investor leveraged a decentralized exchange to sell off 1.4 million JUP tokens at an average price of $0.6371, netting $898,000 in proceeds. Afterwards, he sent 121,000 JUP worth $77,000 at the time to exchanges Bybit and MEXC.
Recall that these exchanges, along with Binance, announced their intentions to list the token upon its launch yesterday. Several users have leveraged the move, using these exchanges as avenues for selling off the tokens they received from the airdrop.
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Nonetheless, the investor in question has chosen to hold onto some of his JUP tokens. Data from Solana blockchain explorer Solscan confirms that the individual still holds 319,000 JUP tokens valued at $231,750 at the time of reporting.
The Solana-based Jupiter Airdrop
Notably, the JUP airdrop represents one of the most significant token distribution schemes at this early stage of the year. The airdrop targeted Solana users who initiated up to $1,000 trade volume on the Jupiter platform before the snapshot on Nov. 2, 2023.
The Jupiter team announced plans to distribute 4 billion JUP out of the token’s total supply of 10 billion. Per the asset’s tokenomics, 50% of this supply will go toward the community through the airdrop and other schemes, while 50% will be set aside for the team and operational funding.
Airdrops are some of the avenues through which early adopters of a token seek to earn some income. While some of these airdrops are not worth much, some have the potential to generate massive proceeds. CoinGecko reported that the 50 biggest airdrops since 2020 shared over $26 billion to investors.