{"id":10380,"date":"2024-02-02T15:22:49","date_gmt":"2024-02-02T13:22:49","guid":{"rendered":"https:\/\/forklog.com\/en\/jupiter-team-accused-of-token-dumping\/"},"modified":"2024-02-02T15:22:49","modified_gmt":"2024-02-02T13:22:49","slug":"jupiter-team-accused-of-token-dumping","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/jupiter-team-accused-of-token-dumping\/","title":{"rendered":"Jupiter Team Accused of Token Dumping"},"content":{"rendered":"<p>The team behind the DEX aggregator Jupiter reportedly sold a significant portion of their native token JUP, valued at approximately $30 million, on the first day of trading. This was reported by Adam Cochran, managing partner at Cinneamhain Ventures.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">So<br \/>-gave 50% of token to themselves, it was not their first token<br \/>-Used their own platform which also paid self<br \/>-Pulled liquidity from the pool in cash<br \/>-Gave a cut to the dev team<\/p>\n<p>So cash out $30m day one with no lockup, and still own 50%?<\/p>\n<p>Shitty antics throwing away reputation\u2026 <a href=\"https:\/\/t.co\/HlSFzjHIL0\">https:\/\/t.co\/HlSFzjHIL0<\/a><\/p>\n<p>\u2014 Adam Cochran (adamscochran.eth) (@adamscochran) <a href=\"https:\/\/twitter.com\/adamscochran\/status\/1752906799357825132?ref_src=twsrc%5Etfw\">February 1, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The launch of JUP took place on January 31, following a second round of airdrops among community participants. The excitement surrounding this event and its listing on several popular <span data-descr=\"centralized exchanges\" class=\"old_tooltip\">CEX<\/span> contributed to an increase in trading volume for the DEX aggregator.<\/p>\n<p>At its peak, the price of JUP reached $0.7458, according to <a href=\"https:\/\/www.coingecko.com\/en\/coins\/jupiter\">CoinGecko<\/a>. Over the next 24 hours, the rate plummeted by 24.2% to $0.5654.<\/p>\n<p>Cochran attributed this price movement to actions by the Jupiter team, who withdrew some liquidity from the pool without locking their tokens for sale. A portion of the proceeds went to the developers.<\/p>\n<p>The expert explained that the team used their platform to conduct transactions, maintaining control over more than 50% of the JUP supply.<\/p>\n<p>He expressed concern that such actions cast a shadow over the reputation of what could have become a \u201cvery prosperous long-term enterprise.\u201d<\/p>\n<p>The managing partner of Cinneamhain Ventures published a screenshot of a conversation with a \u201ctrusted source\u201d within the Jupiter team, where the source expressed concerns about their actions.<\/p>\n<p>In response, the founder of the DEX aggregator, known as Meow, stated that \u201cit was an open market sale.\u201d He described the criticism as \u201cfig leaf posting with zero facts.\u201d<\/p>\n<p>Meow promised to conduct a thorough analysis of the asset&#8217;s dynamics post-launch.<\/p>\n<p>Later, a co-founder of Jupiter stated that the team sold only 250 million JUP, representing 2.5% of the total supply. Initially, they planned to convert 5-20%. He also noted that the founders could have raised more funds using methods like <span data-descr=\"Initial Dex Offering - conducting a token sale on DEX\" class=\"old_tooltip\">IDO<\/span> or <span data-descr=\"over-the-counter market\" class=\"old_tooltip\">OTC<\/span>.<\/p>\n<p>If Jupiter had used these methods, airdrop participants would have received a large pool for constant sales, which could have deterred potential buyers, Meow explained.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Hi all, i got advice in discord to be even more clear so let me say it simply:<\/p>\n<p>If i did an OTC deal or a regular IDO, we would have gotten a similar amount if not more without any of the confusion that comes with pioneering new concepts and absolutely zero risk. Trust me, that\u2026<\/p>\n<p>\u2014 meow ? (@weremeow) <a href=\"https:\/\/twitter.com\/weremeow\/status\/1752954292313686178?ref_src=twsrc%5Etfw\">February 1, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Cochran himself faced criticism.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">You don&#8217;t need reputable sources just read Jupiter team&#8217;s tweets, discord, livestreams past few weeks. No need to play Sherlock.<\/p>\n<p>Only people outraged went too big trading the hype without paying any mind to the launch curve.<\/p>\n<p>\u2014 Joe Kreate (@joekreate) <a href=\"https:\/\/twitter.com\/joekreate\/status\/1752936033161986322?ref_src=twsrc%5Etfw\">February 1, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cYou don&#8217;t need reputable sources, just read the Jupiter team&#8217;s tweets, Discord, and livestreams from the past few weeks. No need to play Sherlock. Only people outraged went too big trading the hype without paying any mind to the launch curve,\u201d<\/em> wrote one critic.<\/p>\n<\/blockquote>\n<p>Back in November 2023, Jupiter conducted a retrodrop, rewarding early participants.<\/p>\n<p>Earlier, Solana&#8217;s price surpassed the $100 mark amid increased on-chain activity.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The team behind the DEX aggregator Jupiter reportedly sold a significant portion of their native token JUP, valued at approximately $30 million, on the first day of trading. This was reported by Adam Cochran, managing partner at Cinneamhain Ventures. So-gave 50% of token to themselves, it was not their first token-Used their own platform which [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10379,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1158,787,1268,1159,596],"class_list":["post-10380","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-airdrops","tag-dex","tag-on-chain-analysis","tag-solana-sol","tag-tokens"],"aioseo_notices":[],"amp_enabled":true,"views":"31","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/10380","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=10380"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/10380\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/10379"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=10380"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=10380"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=10380"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}