Crypto: Solana explodes by 6.9% ahead of the Jupiter Airdrop!

Solana and Bitcoin stand out in the crypto sphere with significant increases. The announcement of a Jupiter airdrop has propelled Solana, while BTC continues its ascent. These movements could suggest a major recovery of the crypto market.

Solana displays a remarkable rise

The native crypto of Solana, SOL, has crossed the $100 threshold, a first since January 18. This rise, of 6.9% in one day, coincides with the increase in exchange volumes on Jupiter. It is a liquidity aggregator and decentralized exchange. The spike in interest occurs ahead of the JUP token airdrop, with nearly one million wallets eligible to claim the token as of January 31.

At the time of writing, the price of Solana is $104.9 on the Binance exchange.

The JUP community, eager, had been waiting for the DEX to announce the airdrop date for some time. With the launch of its Jupiter Launchpad, Jupiter also plans an airdrop for the meme coin Ovols. Although the exact date of this airdrop has not been specified by the Ovols team, it suggested that it would take place this week.

The Solana community also witnessed the conclusion of the WEN token airdrop on Monday. With $35 million worth of tokens left on the table, the price of WEN experienced high volatility, indeed, its price fell by 23% following the conclusion of the airdrop, with the unclaimed tokens having been burned.

Ok, LFG concept is still new, so there was a lot of confusion about the WEN handover, so I apologize for any panic! Fudders gimme a break, you can just ask me, i'm always here.

Handover took a while to execute (first time is always clumsy, i dunno about yours), so sorry about… https://t.co/f1meZqPx9T

— meow 🥧 (@weremeow) January 30, 2024

Bitcoin in good shape

Alongside the excitement around Solana, Bitcoin continues to assert itself with a rise of 3% as the Fed’s interest rate announcement approaches. Although modest compared to the Solana explosion, it confirms its position as a flagship crypto.

Investors are hoping that the Fed will keep interest rates unchanged. However, comments from Jerome Powell could hint at a rate drop later in the year.

Last week, BTC faced challenges, notably due to the actions of the Grayscale Bitcoin Trust (GBTC). This sale of shares by investors led to the issuer selling large quantities of BTC, thereby exerting a downward pressure on the price of Bitcoin.

The enthusiasm generated by the Jupiter airdrop, the rise of Solana, and the stability displayed by Bitcoin could suggest a major recovery for the entire crypto markets.