- The JUP token of Solana DEX Jupiter tanked by over 63% after its launch.
- The Jupiter team has been accused of withdrawing liquidity of the coin.
- Jupiter’s founder intends to conduct a thorough post-launch analysis later.
The newly introduced JUP token from Jupiter, a decentralized exchange built on Solana, has caught the crypto community off guard with its significant decline of over 63% within just 24 hours of its launch. This starkly contrasts the typical pattern observed among newly introduced crypto assets, which frequently see gains of up to 100% on their first day of trading.
According to data from CoinMarketCap, JUP has tanked from a height of $1.2707 to as low as $0.5795 within the last 24 hours.
JUP chart | CoinMarketCap
Online crypto pundits have pointed accusing fingers at the team behind the project, alleging them of technically rug-pulling the JUP token. In a recent post on X, renowned crypto critic Adam Cochran argued that the Jupiter team allocated 50% of the tokens to themselves, leveraging their platform, which also compensated them.
Furthermore, he claimed they withdre…
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