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Jupiter Airdrop Farmer Makes $1.1 Million Using Nearly 10,000 Wallets After Token Launch

An airdrop farmer has made over $1 million in Jupiter tokens after creating nearly 10,000 Solana wallet addresses, according to a February 1 X post.

Blockchain tracking firm Lookonchain revealed that the airdrop farmer had received 1.85 million Jupiter tokens through 9,246 wallets.

Airdrop Farmer Creates 1% of All Eligible Wallets

Following the airdrop, a portion of the received tokens, valued at over $1 million even after a 69% price decline, was sold on the Jupiter platform to generate profits.

The user deposited approximately $77,000 in airdropped tokens on both Bybit and Mexc. According to Lookonchain, the airdrop farmer possessed 319,000 JUP, which were valued at $196,000 on-chain. This individual represents roughly 1% of the eligible wallets for Jupiter’s airdrop.

It seems someone made $1.17M in the $JUP #airdrop!

Wallet”7poJrJ” received an airdrop of 1.85M $JUP($1.17M) via ~9,246 wallets.

Then sold 1.4M $JUP($898K) at $0.6371 on #DEX, and deposited 121K $JUP($77K) to #Bybit and #MEXC.

The wallet has 319K $JUP($196K) left currently.

— Lookonchain (@lookonchain) February 1, 2024

The revelation has generated controversy on X, with many users speculating that the farmer was an insider.

“He is someone from the company of course,” commented user @Anseriin. “He knew what to do and when. It’s always the same pattern.”

WEN and JUP Airdrops

Jupiter has rapidly gained popularity as one of the leading Solana DeFi protocols, especially after the recent launch of its decentralized exchange and two consecutive token distributions.

Jupiter users initially received the WEN memecoin as a nod to crypto culture and the creator of JUP, Weremeow. This token was inspired by a fractionalized NFT poem, serving as a stress test for an upcoming airdrop.

Jupiter then began distributing its native token, JUP. This initiative allocated $700 million in tokens to early supporters and users of the Solana DEX. The launch faced controversy, however, particularly regarding a seven-day period during which Weremeow and his team could sell 2.5% of JUP’s 10 billion token supply, but only if the price remained above 70 cents.

This approach raised concerns among users and airdrop recipients, who feared a potential major sell-off could undermine confidence in the project.

Jupiter’s native token is currently trading at $0.00584, according to CoinMarketCap.

The post Jupiter Airdrop Farmer Makes $1.1 Million Using Nearly 10,000 Wallets After Token Launch appeared first on Cryptonews.

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