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Traders Pumped and Dumped Another ‘JUP’ During $700M Jupiter Airdrop

A seven-year-old defunct Ethereum-based protocol may have briefly benefitted from the $700 million airdrop for Solana-based exchange aggregator Jupiter, due to a similar price ticker.

On Jan. 31, hours before the launch of Solana-based Jupiter’s airdrop of “JUP,” an Ethereum-based token with the same ticker spiked more than 430% on Jan. 31, before plummeting just hours later.

According to data from CoinMarketCap, the price of Ethereum-based JUP went from $0.005 on Jan. 30 to $0.026 on Jan. 31 before plummeting back to its current price of $0.007.

The price of a different Jupiter protocol. Source: CoinMarketCap.

Launched in 2017, the Ethereum-based Jupiter is a protocol designed for creating and hosting decentralized applications (DApps), however, its official website says the protocol is “no longer active.”

On the other hand, the Solana-based Jupiter is a decentralized exchange aggregator that allows users to swap, place limit orders, and deploy dollar-cost average buying strategies for tokens on the Solana network.

The outsized upward price action on the Ethereum-based JUP arrived just hours before the Solana-based exchange aggregator Jupiter opened claims on its roughly $700 million airdrop to early users.

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