- Jito airdop caused massive surge in activity on Solana.
- The price of SOL observed a dramatic uptick.
Jito, the Solana[SOL]-based DeFi platform, kicked off its anticipated airdrop on 7th December, putting some $225 million worth of free tokens in the wallets of Solana users around the world.
Users flock to Solana
The airdrop started with JTO tokens priced at $6.01, but quickly dropped 58% to $2.50. Platforms like CoinMarketCap and Coinbase showed less initial volatility, suggesting varying opening prices.
Solana users have already claimed over 54 million of the 90 million JTO tokens available in the airdrop. Eligible claimants include JitoSOL holders, Solana validators running Jito MEV clients, and users of Jito’s MEV services.
Despite some discontent among big Solana investors, arguing the airdrop didn’t favor large transactions, others see it as a positive move for the broader Solana DeFi community.
As per Santiment’s findings, JTO and its recent airdrop have consistently ranked among the trending tokens on various platforms, including X, Reddit, Telegram, and 4Chan.
🗣️ $JTO and its new airdrop has been atop our trending tokens list, according to data on #X, #Reddit, #Telegram, & #4Chan. Additionally, #Bitcoin is seeing a variety of discussions about its future, and several other assets are seeing #FOMO due to pumps. https://t.co/zOAJGKilQu pic.twitter.com/KliLJPkur8
— Santiment (@santimentfeed) December 8, 2023
This attention could mean more interest and activity on Solana. If more people get involved, it might boost Solana’s reputation and make it even more popular in the cryptocurrency world.
However, how the airdrop is received and whether it benefits the community could influence how people see Solana. Overall, it has the potential to bring positive attention to Solana, but the impact will depend on how users and the wider community react.
Interest in DEXes grows
Due to this hype, in the last 24 hours, Solana accounted for 70% of the decentralized exchange (DEX) volume compared to Ethereum.
This high activity suggests increased usage and trust in Solana’s decentralized platforms. It could attract more developers and users to Solana, fostering a vibrant ecosystem.
Read Solana’s [SOL] Price Prediction 2024-2025
With a growing reputation for efficiency and lower transaction fees, Solana’s strong performance in DEX volume showcases its potential to become a preferred choice for decentralized trading, potentially drawing more attention and investments to the Solana network.
Holy smokes. Solana did 70% of Ethereum’s DEX volume over the past 24 hours. pic.twitter.com/KFMGQGE1U5
— Patrick Scott | Dynamo DeFi (@Dynamo_Patrick) December 8, 2023
The growing attention around Solana caused the price to skyrocket. At press time, SOL was trading at $71.11 and in the last 24 hours, it grew by 12.42%.
Source: Santiment