Jupiter's upcoming JUP airdrop, TrueUSD faces devaluation, Solana Mobile's new crypto smartphone, HashKey's $100M funding milestone.
Jupiter Sets JUP Airdrop Date & Teases Memecoin Launch

Jupiter Sets JUP Airdrop Date & Teases Memecoin Launch

Jan 17, 2024
| Issue

Welcome to another edition of Datawallet Daily. Here are the key stories that are shaping the crypto landscape over the last 24 hours:

Jupiter Sets JUP Airdrop Date & Teases Solana Memecoin Launch

Jupiter, a decentralized finance aggregator on Solana, has scheduled its JUP token airdrop for January 31, targeting nearly a million users. Eligibility for the airdrop depends on users’ trading volume and site usage, with a minimum of 200 JUP guaranteed for all. This airdrop forms part of a 5 billion JUP distribution, half of the total supply. The rest is allocated for the Jupiter team, strategic reserves, and liquidity. 

In addition to one billion JUP tokens, Jupiter is launching a memecoin. Although it is not directly associated with Jupiter, it will serve as a test for their new launch platform. Details about its distribution are not yet clarified. 

TrueUSD Depegs as $330M TUSD Dumped by Holders

The TrueUSD (TUSD) stablecoin, linked to Justin Sun, has experienced a significant devaluation, falling below its $1 peg. Reports indicate that holders have been selling large amounts of TUSD, converting to the rival stablecoin Tether (USDT). This sell-off was particularly noticeable on the Binance exchange, where over $339.2 million in TUSD was sold in 24 hours. 

Concerns arose following difficulties in providing real-time attestations of TUSD’s reserves, suggesting potential undercollateralization. Additionally, TUSD had been trading below its peg on Poloniex for weeks, with users unable to withdraw it, limiting arbitrage opportunities. This situation has raised questions about TUSD’s stability and reliability as a stablecoin.

Solana Mobile Preps for Second Crypto Smartphone Release

Solana Mobile is set to release a second cryptocurrency-focused smartphone, following the unexpected success of its first model, Saga. This new phone will retain core features like an onboard crypto wallet, custom Android software, and a decentralized application store. However, it will be offered at a lower price point and feature different hardware. 

The limited availability of Saga has led to a booming secondary market, with sealed units fetching up to $3,200 on eBay. The new phone aims to cater to the growing interest among crypto traders and NFT collectors, a market that surged after the Saga included BONK tokens, which offset the phone’s cost.

HashKey in Hong Kong Hits Unicorn Status with $100M Funding

Hong Kong-based cryptocurrency exchange HashKey has reached unicorn status with a valuation exceeding $1.2 billion, following a successful Series A funding round that raised nearly $100 million. The round saw participation from prominent institutional and Web3 investors, although specific identities were not disclosed. The funds will enhance HashKey’s diverse business areas, including asset management, blockchain node validation, tokenization services, and a Web3 incubation arm. 

Bloomberg reports indicated OKX Ventures as a notable investor. HashKey, licensed by Hong Kong’s Securities and Futures Commission, is among the few exchanges serving local retail investors and is actively involved in the emerging market for crypto exchange-traded funds. 

Other breaking news

For the latest updates on digital asset markets, follow us on X @Datawalletcom.