The team of the new Jupiter token was accused of an exit scam and a price drop of 63%
recently released JUP token of decentralized exchange aggregator
Jupiter, built on Solana, unpleasantly surprised the crypto community
with a drop of more than 63% after just 24 hours after launch. This is
in stark contrast to the typical situation where new tokens see profits
of up to 100% on the first day of trading.
According to CoinGecko, JUP fell from $1.2707 to $0.5795 in the last 24 hours.
In
this regard, experts turned their attention to the team, coming to the
conclusion that they were responsible for manipulating the JUP token.
Well-known critic of crypto projects Adam Cochran is confident that the
Jupiter team allocated 50% of the tokens to themselves, using their own
platform for this.
In addition, he claims that team members
withdrew liquidity from the cash pool and gave some to the development
team. So they actually cashed out $30 million on the first day without
any lock-ups, while retaining 50% of the shares. Cochran expressed
concern that such actions tarnish the reputation of a promising project.
#Jupiter #JUP #Jupiter(JUP)
$JUP
