- Jupiter’s founder Meow has criticized crypto influencers, claiming they only care about “buy/sell” dynamics
- Amid criticism over the JUP airdrop, Meow insisted that his critics misunderstand his intentions
- Meow called the criticism “FUD” and said people could always sell up if they weren’t happy
Jupiter’s pseudonymous founder Meow has criticized crypto influencers, saying that they “only understand buy/sell.” Meow has attracted a fair amount of criticism in recent days over the actions of the Jupiter team throughout the massively popular JUP airdrop on Solana, and has insisted that his critics have misunderstood his intentions. Speaking on Rug Radio’s “FOMO Hour” live show, Meow complained that a great many people in the space “don’t understand anything” and labeled the criticism as “FUD.”
Jupiter Making Headlines
Jupiter, a decentralized exchange aggregator on Solana, made headlines this week by launching the most significant airdrop of 2024, distributing a staggering 1 billion JUP tokens, valued at over $700 million at its peak. Nearly half a million wallets swiftly claimed their share, and the price of the token quickly rocketed to $2 on exchanges.
However, the airdrop stirred controversy as critics, including those prominent in the crypto space, characterized it as a veiled initial coin offering (ICO), a perception which stemmed from the establishment of a 250 million JUP launch liquidity pool by Jupiter’s founders, funded with tokens extracted from the team’s share of the 10 billion JUP supply.
Meow responded to the criticism by calling it mere “FUD”, emphasizing the purpose of the launch pool and the fate of the tokens post-pool closure; according to Meow, the 250 million JUP in the launch liquidity pool would be open for trading for seven days, after which the tokens (JUP and USDC) would be either returned to the team’s treasury or utilized to bolster other liquidity pools.
The founder also emphasized that all relevant information was accessible to potential buyers before the launch, urging them to read and understand it beforehand, complaining that all anyone was interested in was making a quick profit. Clearly, he hasn’t been around for long.
Don’t Like It? Then Sell
Defending Jupiter’s approach, Meow also explained that the launch liquidity pool, combined with the extensive airdrop, aimed to benefit JUP holders; if the team demonstrated the token’s value, and the pool’s tokens appreciated over the seven-day period, this would represent a fair outcome.
Meow was also blunt in his assessment of the options open to critics:
Hate all you want for six days. You can always sell at this price, no matter how [big of a] dump it is. There’s always this pool ready for you to dump into right now.
JUP is currently valued at $0.6 according to CoinGecko.
