The Solana ecosystem has been growing a lot recently with its coin rising approximately over 400% since last year.
It seems that investors are looking into the Solana ecosystem and buying up SOL because of airdrops that are still happening until right now.
Most of these airdrops have successfully made investors thousands of dollars for free just by doing tasks, using testnets and mainnets of new projects, or even locking some tokens on DeFi DApps.
One project that has successfully attracted investors attention is Jupiter Exchange which is a decentralized exchange (DEX) that currently leads the decentralized exchange adoption on the Solana ecosystem.
JUP has done its own airdrop that attracted many users to use its products, but there is one project that stands out because of its rising popularity since the launch of Jupiter Exchange which is MockJUP, a community based token that still has a strong community, even though it has no real use cases right now.
What is MockJUP?
MockJUP was the first test token on the Jupiter Exchange platform that was used by most airdrop hunters that were gathering points using the DEX.
It was created solely for the purpose of being a testnet token without any plans of it being a real project.
But that did not stop the community from keeping it alive as MockJUP would continue to live on until now, even though the test period of Jupiter Exchange has finished
The token itself was created by a pseudonymous figure called @weremeow that has a lot of followers on crypto twitter around the world.
Through meow, people have gathered into a community called zer0bois, which is a community based on zer0 culture that is a characteristic of a crypto investor that has nothing to lose and has no expectation of financial gain when buying a certain token.
The community sees investing as personal enjoyment rather than a means to achieve financial gain or financial freedom, so they love seeing a token go up and down really quickly.
Nature of this community is what kept MockJUP alive, because even though it has no clear plans in the future, the community loves seeing the token go up and down giving losses and gains to crypto investors everywhere.
Also a part of why this culture is strong among the MockJUP community is because most of the MockJUP that are circulating are given through an airdrop, initially giving investors free crypto without any capital.
To solidify the community based nature of this project and the “non-caring” perspective of the community, MockJUP’s whitepaper literally just shows a blank page, meaning that there is no plan going into the future.
Also the project itself does not have a DAO or a decentralized autonomous organization so there are no governance features on it, which means that the community member cannot suddenly submit a proposal to make MockJUP better and will have to love it the way it is.
It is clear that the MockJUP Token is pure entertainment for its community and holders which are investors that love volatility and some who are still hopefully wishing that the MockJUP would pump their bag significantly.
MockJUP Token Economics
According to Solscan.io there are currently 1,295,201,144.62 circulating supply of MockJUP, which is their maximum supply considering there cannot be any governance proposals to implement a burn mechanism or an inflationary mechanism.
The current market capitalization of this token is currently at $3,19 Million which is considered quite good for a “meme” token that has no future plans and is only reliant on its community.
Sadly, according to Coingecko, most of the investors are currently sitting at a loss because the token price has dropped significantly since its active days of Jupiter Exchange testnet.
This trend indicates that most of the holders are investors that don’t want to sell their token at a loss, indicating a strong community of holders, which are arguably being forced to hold since they don’t want to cut their losses.
All of this data seems bad and makes MockJUP seem like it is a useless token. But behind only buying and selling, there is a useful and profitable way to hold your MockJUP where the strategy is currently being used by some of its holders.
Is The Token Really Useless?
To utilize MockJUP, investors can go to DeFi platforms on the Solana Ecosystem and use them for Liquidity farming to earn passive rewards.
For example, investors can use their MockJUP to pair it with other tokens or coins on liquidity pools to then receive a liquidity pool token or an LP Token that can be locked to earn passive rewards.
For example, investors can use their MockJUP to pair it with SOL, USDC, JUP, and other crypto on Orca, which is one of the biggest DeFi or Decentralized Finance platforms in the Solana ecosystem.
By pairing it with SOL, holders of MockJUP can earn a floating yield of 0.305% per 24 hours, where floating means that the yield might change overtime according to the transaction volume of the pair.
So for example, if users decides to lock MockJUP and SOL together to the stake their LP Token, they can get a 0.305% yield per day but it might go up when people starts trading MockJUP with SOL more, and might go down when people transcat the pair less.
This is because the yield comes from the fee of that particular pair from the platform, so the yield might change overtime.
Overall this makes MockJUP useful and not useless like most people in the crypto space portrays it.
So if you are a newbie investor in the crypto space and not yet fluent in using the decentralized ecosystem that is crypto, you can use centralized exchanges like Bitrue so you can avoid the hassle the hassle of depositing money into the blockchain and risk mis-transferring your funds to a dead wallet.
If you want to experience locking your MockJUP on decentralized platforms so that you can utilize your MockJUP, you can use your MockJUP on Bitrue and then transfer it carefully with the help of Bitrue’s support so that you don’t make mistakes and lose your token.
Conclusion
Overall MockJUP is a token for all the degens and crypto meme enthusiasts because of how volatile it is and how it is highly centered around its community.
If you are looking for a safe investment in crypto, then this token might not be for you, but if you are looking to have fun and utilize the Solana DeFi ecosystem then MockJUP might be the token for you!
But remember that with higher volatility comes higher potential profit, but with higher potential profit comes higher risk, so investors that want to hold this token have to adapt the zer0 culture nature and manage risk carefully while not worrying too much about it.
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