- Jito airdop caused a huge increase in activity on Solana.
- The price of SOL showed a dramatic increase.
Jito, the Solana[SOL]-based DeFi platform, initiated its expected airdrop on December 7, bringing approximately $225 million worth of free tokens into the wallets of Solana users around the world.
Users flock to Solana
The airdrop started with JTO tokens at a price of $6.01, but quickly fell 58% to $2.50. Platforms like CoinMarketCap and Coinbase showed less initial volatility, indicating varying opening prices.
Solana users have already claimed more than 54 million of the 90 million JTO tokens available in the airdrop. Eligible claimants include JitoSOL holders, Solana validators managing Jito MEV clients, and users of Jito’s MEV services.
Despite some dissatisfaction among major Solana investors, who argue that the airdrop does not benefit large trades, others see it as a positive step for the broader Solana DeFi community.
According to Santiment’s findings, JTO and its recent airdrop have consistently ranked among the trending tokens on several platforms including X, Reddit, Telegram, and 4Chan.
????️ $JTO and the new airdrop tops our trending tokens list, according to data about #X, #Reddit, #Telegram& #4Channel. Additionally, #Bitcoin sees a variety of discussions about its future, and there are several other assets #FOMO thanks to pumps. https://t.co/zOAJGKilQu pic.twitter.com/KliLJPkur8
— Santiment (@santimentfeed) December 8, 2023
This attention could lead to more interest and activity on Solana. If more people join in, it could 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 impact how people view Solana. Overall, it has the potential to raise positive awareness of Solana, but the impact will depend on how users and the wider community respond.
Interest in DEXes is growing
As a result of this hype, Solana accounted for 70% of the decentralized exchange (DEX) volume compared to Ethereum in the last 24 hours.
This high activity indicates increased usage and trust in Solana’s decentralized platforms. It could attract more developers and users to Solana and foster a vibrant ecosystem.
Read Solana’s [SOL] Price forecast 2024-2025
With a growing reputation for efficiency and lower transaction costs, Solana’s strong performance in DEX volume demonstrates its potential to become a preferred choice for decentralized trading, potentially attracting more attention and investment to the Solana network .
Holy smoke. Solana has done 70% of Ethereum’s DEX volume in the last 24 hours. pic.twitter.com/KFMGQGE1U5
—Patrick Scott | Dynamo DeFi (@Dynamo_Patrick) December 8, 2023
The growing attention surrounding Solana caused the price to skyrocket. At the time of writing, SOL was trading up $71.11 and in the last 24 hours it has grown 12.42%.
Source: Santiment