Airdrop
|7 min ReadWeekend Watchlist: JUP Airdrops, Solana Claims, and $460M in Token Unlocks
Tariq Al-Saidi
Senior Analyst
Published
Jan 29, 2026
As January 2026 draws to a close, crypto markets are heading into one of the more consequential weekends of the quarter. A combination of high-profile airdrops, public sale claims, and large-scale token unlocks will inject more than $460 million worth of assets into circulation over the next several days.
For traders, farmers, and long-term holders alike, the next 96 hours could set the tone for February. Below is a breakdown of the most important developments—organized by asset—along with the market dynamics worth watching.
Jupiter ($JUP): The “Jupuary” Finale Arrives
All eyes are on Jupiter this Thursday as the protocol wraps up its long-anticipated “Jupuary” campaign. On January 30, Jupiter will distribute 200 million JUP tokens, with an estimated value between $50 million and $70 million at current prices.
This year’s airdrop is deliberately smaller than last year’s 700 million token distribution, which triggered heavy post-claim selling. The team appears determined to avoid a repeat. Of the total allocation, 175 million JUP will go to users based on fee-paying activity, while 25 million tokens are reserved for active stakers.
What makes this airdrop structurally different is the long-term incentive layered on top. Jupiter has introduced a “stake-to-earn” mechanism that rewards patience: users who keep their airdropped tokens staked for a full year will be eligible for an additional loyalty airdrop in early 2027. The design is clearly aimed at reducing immediate sell pressure and anchoring JUP supply with longer-term participants.
From a market perspective, JUP is currently consolidating near $0.25. If early selling is absorbed by stakers and long-term holders, a push toward the $0.35 region by mid-February looks achievable. Failure to hold current levels, however, would suggest that even reduced supply wasn’t enough to offset short-term profit-taking.
Solana Mobile ($SKR): Seeker Claims Continue Quietly
While Jupiter dominates headlines, Solana Mobile’s $SKR airdrop continues to unfold more quietly. Claims for Seeker phone pre-order users are already live and will remain open until April 20, 2026. Eligible participants can claim a share of 2 billion SKR tokens tied to the Solana Mobile ecosystem.
One notable dynamic here is staking behavior. Roughly 64% of the circulating SKR supply is currently staked, generating an eye-catching 28% APY. That level of participation has helped dampen sell pressure and suggests most claimants are viewing SKR as a yield-bearing, longer-term bet rather than a quick flip.
For users who haven’t claimed yet, Solana Mobile continues to emphasize security: claims should be completed directly through the Seed Vault on the device to avoid phishing risks. While SKR may not produce immediate volatility, its staking-heavy distribution makes it one of the more structurally stable airdrops this cycle.
Zama ($ZAMA): Fully Unlocked Public Sale Tokens Hit the Market
Volatility may arrive later in the weekend with Zama ($ZAMA). On February 2, public sale participants from the recent MEXC and Bitget launchpad events will be able to claim their tokens.
Unlike many recent token launches, Zama’s public sale allocation is fully unlocked at claim. There are no vesting cliffs or linear schedules to soften the impact. As a result, short-term price swings are likely as early investors weigh profits against longer-term conviction in Zama’s fully homomorphic encryption (FHE) roadmap.
Whether selling pressure dominates will depend largely on broader market conditions and how quickly secondary buyers step in. Fully unlocked launches tend to be noisy in their first sessions, and ZAMA looks unlikely to be an exception.
Sui ($SUI): A Familiar Monthly Supply Test
Turning to token unlocks, Sui ($SUI) faces its next scheduled release on February 1, with approximately $60.4 million worth of tokens entering circulation—about 1.15% of the circulating supply.
This is a familiar scenario for Sui holders. The network has navigated regular monthly unlocks throughout 2025, and so far, growing TVL and ecosystem activity have largely absorbed the added supply. The key level to watch remains $2.00, a psychological and technical support zone.
If buyers defend that area during the unlock, a move back toward $2.42 is plausible in the weeks that follow. A clean break below support, however, would signal that demand is no longer keeping pace with emissions.
Ethena ($ENA): Unlock Meets Weakening Sentiment
Ethena’s situation is more delicate. On February 2, roughly $36.1 million in $ENA tokens—also about 1.15% of circulating supply—will unlock.
This release comes at a time when sentiment around ENA has cooled. Recent reports of Arthur Hayes exiting leveraged positions, combined with declining TVL, have left the market more cautious. Without a clear catalyst—such as expanded restaking utility or new protocol incentives—the unlock could exacerbate downside pressure.
In a bearish scenario, ENA could drift toward the $0.15 area during or shortly after the unlock. If that level holds and broader conditions stabilize, a recovery toward $0.46 later in Q1 remains possible, but conviction appears weaker than it was earlier this cycle.
Optimism ($OP) and Hyperliquid ($HYPE): Smaller Shock, Bigger Shadow
Optimism ($OP) will see a relatively modest unlock on January 31, with about $8.7 million in tokens released—just 0.40% of circulating supply. Historically, OP has absorbed unlocks of this size without major disruption, making this more of a background event unless broader market conditions deteriorate.
By contrast, Hyperliquid ($HYPE) looms just beyond the immediate window. Its early February unlock—estimated at $250 million or more, representing 2–3% of circulating supply—has already begun to influence positioning. Even though the release lands on February 6, traders are increasingly hedging exposure ahead of what could be one of the largest single unlocks of the quarter.
Final Thoughts: The January 31 Snapshot Effect
Beyond the scheduled events, there’s a persistent rumor shaping behavior across the ecosystem: many Q1 2026 projects are believed to be taking final eligibility snapshots on January 31.
If you’ve been actively farming potential drops—particularly OpenSea ($SEA) or MetaMask ($MASK)—this weekend may be your last chance to ensure your wallet activity is recorded. At minimum, completing one mainnet transaction before Saturday night could prove worthwhile.
With liquidity surging, incentives shifting, and supply expanding, this weekend may not just close out January—but quietly define how the first quarter of 2026 trades from here.
Disclaimer: This document is intended for informational and entertainment purposes only. The views expressed in this document are not, and should not be taken as, investment advice or recommendations. Recipients should do their own due diligence, taking into account their specific financial circumstances, investment objectives and risk tolerance, which are not considered here, before investing. This document is not an offer, or the solicitation of an offer, to buy or sell any of the assets mentioned.