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Jupiter's JUP Tokens Amass Billions in Trading Volume and Thousands of Holders After $700 Million Airdrop, Drawing Criticism Over Distribution Mechanism

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Jupiter's JUP tokens have gained significant trading volumes and thousands of holders following a $700 million airdrop to Solana ecosystem users. The token is currently trading at 60 cents with a market capitalization of over $800 million. Jupiter is a decentralized exchange that routes orders to other Solana-based exchanges and executes the best available price for an asset. The DEX rewarded its users with JUP tokens based on their activity on the platform and offered the tokens on the open market using a trading pool. While some have criticized the pool sales as an initial DEX offering disguised as an airdrop, Jupiter's founder has dismissed these allegations as false. The sale also acted as a testing bed for Jupiter's LFG launchpad, which will allow the project to issue tokens to Solana users in the future.

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