Jupiter DEX Outshines Uniswap: $480M in a Day!

Meme coin mania and stablecoin swaps help Jupiter soar past Uniswap with a groundbreaking $480 million in trading volume.

Danielle du Toit
January 29, 2024

Here's what we've got for you today:

Meme coin mania and stablecoin swaps propel Solana’s Jupiter exchange volume far beyond Uniswap's volumes.

Jupiter, a Solana-based decentralized exchange, achieved a remarkable $480 million trading volume in 24 hours, surpassing Ethereum's Uniswap by $10 million.
About $50 million of this volume came from transactions involving "WEN," a new meme coin available to users of Jupiter and Solana Saga phone owners.
The majority of trading on Jupiter involved exchanges between Solana (SOL) and major stablecoins like USD Coin (USDC) and Tether (USDT), contributing $191 million to the total volume.

Investors have invested approximately $3 billion into Bitcoin (BTC), equivalent to about 76,000 BTC.

Over a 30-day period, Bitcoin accounts with small balances (0-0.001 BTC) saw a slight increase of 1.02%, while mid-range categories (0.001-0.01 BTC and 0.01-0.1 BTC) experienced decreases of 1.90% and 1.36%, respectively.
Accounts holding much larger amounts of Bitcoin (10,000 to 100,000 BTC) experienced a notable increase of 2.88%, which indicates a concentration of wealth among "whales."
While the actions of whales suggest a bullish outlook for BTC, the market still remains vulnerable to rapid shifts and uncertainty.

OpenSea has taken quite a hit after the downturn in the non-fungible token (NFT) market last year.

OpenSea is involved in discussions about potential acquisitions, with CEO Devin Finzer showing a willingness to consider various deals, including the option of OpenSea being acquired.
Despite these discussions, Finzer emphasized that OpenSea is not actively looking for a buyer and does not have immediate plans to sell the company.
OpenSea has experienced a huge drop in trading volume, with a 96% decrease since January of 2022, according to Dune Analytics data.

The hack on Somesing resulted in a loss of $11.58 million through a very sophisticated theft of SSX tokens.

Somesing, a South Korean blockchain-based karaoke platform, experienced a major hack on Saturday, which resulted in the loss of 730 million SSX tokens, valued at about $11.58 million.
The sophisticated attack targeted both undistributed and circulating tokens, leading Somesing to seek assistance from the National Police Agency and Interpol.
In response to the attack, major South Korean crypto exchanges have suspended transactions involving SSX tokens to reduce risks.

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