Benzinga - by Murtuza Merchant, Benzinga Staff Writer.
A 17-year-old astounded volatility-hardened crypto investors when he earned over $1 million from the Jupiter (CRYPTO: JUP) airdrop.
What Happened: The teenager shared his strategy in a 12-min video, saying: "I focused on actively using all of Jupiter's tools. It's about being smart with your moves on the platform."
I made over $1,000,000 on the $JUP airdropHe detailed his approach: leveraging Jupiter's various features, swapping tokens, limit orders, dollar-cost-averaging and bridging to other blockchains.Here is how you can do the same for the next 3 rounds of $JUP... pic.twitter.com/lMxzbrEQWS
— notshort (@notxavierj) January 31, 2024
"I began by swapping my USDC to Solana," he explained, "Then, I strategically allocated one SOL to each section of the platform. This way, I was actively engaging with Jupiter and contributing to its volume."
His method included placing limit orders, which execute trades at specific prices, and setting up DCA orders to systematically sell SOL for USD Coin (CRYPTO: USDC).
"Limit orders are about precision, setting the right price for your transaction," he said.
The young investor also utilized the bridge feature to convert SOL to Ethereum, a step he described as crucial for the strategy.
The most complex part of his strategy involved perpetual trading, a tool he advised using with caution.
"Perpetual trading is intricate and risky. I recommend it only if you're experienced in trading," he cautioned.
His daily routine was key to his success.
"Every morning, I use all five features of Jupiter. It's become a part of my daily strategy to increase my chances of a high allocation in the upcoming rounds," he shared.
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Why It Matters: The teenager's story may sound inspiring, but it's important to note the significant capital investment and time commitment required.
"It's not as simple as swapping a few dollars every day. I invested time and resources into this," he emphasized.
This story serves as a reminder that while the crypto world offers opportunities for substantial gains, it requires careful strategy, an understanding of the DeFi space, and a willingness to invest both time and capital.
The Jupiter project, a decentralized exchange on Solana (CRYPTO: SOL), conducted a much-anticipated airdrop on Wednesday.
Jupiter initiated the distribution of its JUP token, valued at approximately $700 million, to almost a million wallet holders.
Following its launch at 10 a.m. ET (15:00 UTC), the price of the JUP token began to rise sharply.
Starting at an initial price of about $0.41, it had increased to $0.72 by the time of reporting, pushing JUP's total market cap to over $7 billion.
What's Next: The success story attracted strong reactions in the crypto community — the video testimonial collected 400,000 impressions within a few hours.
Pentoshi, one of the biggest pseudonymous cryptocurrency analysts on X, shared the story with the words "only in crypto does opportunity like this come up and anyone regardless of education, where you come from etc have 100% equal opportunity."
Investors who want to replicate the strategies can execute the advised strategies in the three upcoming rounds of JUP airdrops, although success is not guaranteed.
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