#Gate Post Highlights# #Content Mining# #GateLive# Traders pumped and dumped another ‘JUP’ during $700M Jupiter airdrop

A seven-year-old defunct Ethereum-based protocol may have briefly benefitted from the $700 million airdrop for Solana-based exchange aggregator Jupiter due to its similar price ticker.
On Jan. 31, hours before the launch of Solana-based Jupiter’s JUP airdrop, an Ethereum-based token with the same ticker spiked more than 430% before plummeting just hours later.
According to data from CoinMarketCap, the price of Ethereum-based JUP went from $0.005 on Jan. 30 to $0.026 on Jan. 31 before plummeting back to its current price of $0.007.
Launched in 2017, the Ethereum-based Jupiter is a protocol designed for creating and hosting decentralized applications (DApps), however, its official website says the protocol is “no longer active.”
On the other hand, the Solana-based Jupiter is a decentralized exchange aggregator that allows users to swap, place limit orders and deploy dollar-cost average buying strategies for tokens on the Solana network.
The outsized upward price action on the Ethereum-based JUP arrived just hours before the Solana-based exchange aggregator Jupiter opened claims on its roughly $700 million airdrop to early users.