Crypto Mania

Solana Price Surge as Jito’s $225 Million Airdrop Stirs Excitement in Crypto Community

Solana ecosystem, Jito, a crypto staking project, launched its JTO token on Thursday at 11 am ET. The Jito Airdrop distributed a whopping $225 million worth of free tokens to Solana users globally. 

Notably, none of the top 14 claiming addresses, ranked by size, had sold any tokens.

Jito’s Welcome Airdrop

Following a remarkable week for Bitcoin, JTO, Jito’s new governance token, attracted traders’ attention with a 75% surge upon its Thursday launch. 

At the airdrop’s initiation, JTO debuted at $6.01, placing the 90 million tokens, set to be airdropped, at a substantial $540.9 million valuation. Around 30% of the airdrop had been claimed, and the top 14 addresses hadn’t sold any tokens.

Notably, eligible recipients have an extended 18-month window to collect their assets, a departure from the typical 30 to 90 days for airdropped tokens. However, the token price experienced a 58% drop to $2.70, with JTO’s market capitalization now standing at around $211 million.

Solana Price Surge

In addition to its release, the Solana ecosystem is experiencing a rapid rebound in terms of popularity and price. Solana’s native coin has witnessed a staggering 542% surge, currently trading at $71.89. Notably, the majority of this remarkable increase has transpired since the mid-October timeframe. 

The renewed interest in Solana is not only evident in the successful release but is also reflected in the substantial uptick in its coin’s value, underlining a bullish sentiment within the broader crypto community.

Further, Jito Labs CTO Zano Shermani noted on X that the current breed of projects has learned from past mistakes, avoiding ‘bad tokenomics’ that plagued previous bull markets in 2021.

DDoS Attack on Jito’s

Adding an unexpected twist, Jito’s website encountered a Distributed Denial-of-Service (DDoS) attack, disrupting regular operations. 

Meanwhile, the motive behind the attack remains unclear. Recently, several crypto projects have reported similar attacks, often orchestrated by scammers seeking ransom to restore normal functionality.

Upcoming Airdrop

Jito’s airdrop follows last month’s Pyth Network (PYTH) airdrop, distributing 250 million tokens initially valued at $77 million, now worth $107 million. 

Looking ahead, Solana may witness another airdrop from the DeFi platform Jupiter, set to distribute JUP tokens to nearly a million eligible users. However, the date for the Jupiter airdrop is yet to be announced.

As the Solana ecosystem experiences these significant developments, users eagerly await the impact and future opportunities these airdrops may bring.

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