- Jupiter has emerged as the leader in terms of trading volume among decentralized exchanges (DEXs).
- Between January 28 and 29, the platform recorded a trading volume of $515.67 million.
- This surge in trading activity coincided with the distribution of WEN memcoins.
According to CoinGecko, the Jupiter platform on the Solana network witnessed a daily trading volume of $515.67 million, surpassing other DEXs such as Uniswap V3.
Jupiter Station reveals that most trades on the platform involve stablecoin swaps and the trading of WEN Token (WEN) memecoins. The distribution of tokens to DEX users and Solana Saga smartphone owners may have contributed to the increased interest.
The distribution began on January 26, 2024:
Furthermore, an airdrop of Jupiter tokens (JUP) is scheduled for January 31, with 10% of the total supply allocated for it.
As of now, WEN is trading at $0.00015, marking a 30.6% increase from January 28 to January 29, 2024, according to CoinMarketCap.
By the end of 2023, the memcoin sector experienced a surge in trading activity within the Solana ecosystem. The distribution of Bonk tokens (BONK) to Solana Saga owners may have contributed to this growth.