Jito’s $225 Million Airdrop Surges Solana Price, Sparking Excitement in Crypto Community
The post Solana Price Surge Due to Jito’s $225 Million Airdrop Sparks Excitement in Crypto Community appeared first on Coinpedia Fintech News.
Jito, a cryptocurrency staking project within the Solana ecosystem, launched the JTO token at 11 AM ET on Thursday. Jito Airdrop distributed a whopping $225 million worth of free tokens to Solana users around the world.
Notably, none of the top 14 billing addresses ranked by size have sold tokens.
Jito’s welcome airdrop
Following Bitcoin’s incredible week, Jito’s new governance token, JTO, caught the attention of traders, surging 75% upon its launch on Thursday.
When the airdrop began, JTO debuted at $6.01, valuing the 90 million tokens scheduled for airdrop at a respectable $540.9 million. Approximately 30% of the airdrops were claimed and no tokens were sold from the top 14 addresses.
Notably, eligible recipients will have an 18-month extension to collect their assets, a departure from the typical 30-90 days for airdrop tokens. However, the token price has fallen 58% to $2.70, and JTO’s market capitalization is now approximately $211 million.
Solana price soars
The Solana ecosystem is experiencing a rapid rebound in popularity and price following its launch. Solana’s native coin is currently trading at $71.89 and has recorded an impressive increase of 542%. Notably, most of this surprising increase occurred after mid-October.
The renewed interest in Solana is reflected not only in its successful launch, but also in the significant rise in the coin’s value, highlighting the optimistic mood within the broader cryptocurrency community.
Jito Labs CTO Zano Shermani also noted that the current crop of projects at
DDoS attack against Jito
In an added unexpected twist, Jito’s website suffered a Distributed Denial of Service (DDoS) attack, halting regular operations.
Why not you guys? pic.twitter.com/hMXVGl9erE — Buffalo (@buffalu__) December 7, 2023
Meanwhile, the motive for the attack is still unclear. Similar attacks have been reported on several cryptocurrency projects recently, often orchestrated by scammers who demand a ransom to restore normal functionality.
Upcoming airdrop
Jito’s airdrop follows last month’s Pyth Network (PYTH) airdrop, which distributed 250 million tokens that were initially worth $77 million and are now worth $107 million.
In the future, Solana may witness another airdrop on DeFi platform Jupiter, which is set to distribute JUP tokens to nearly one million eligible users. However, the Jupiter airdrop date has not been announced yet.
As the Solana ecosystem experiences these significant developments, users are eagerly awaiting the impact and future opportunities these airdrops will bring.
