Over the weekend, the anonymous founder of Jupiter used a racial slur multiple times in an X post — and the Solana DeFi giant’s competitors perceived an opportunity.
This post was in response to a question from another anonymous user asking if a memecoin that contained the offensive slur can be verified by Jupiter. Meow, Jupiter’s founder, kept the post for about a week, saying that it was not malicious. He reposted another post. “n-word pass” And wrote that he “didn’t know that there is such a big difference between r & a” The slur is used to describe the word.
Many people have noted that the word meow does not originate in America. “sees everyone using” He may have not understood the potential harm of the term because he had only seen it online.
The response from the community was quick and mostly negative. Leaders of the Solana Ecosystem called out this behavior, and many posters pledged to sell Jupiter native token. Meow apologized for her post. “Racism is obviously completely unacceptable and I love you all.”
JUP fell by 7.7% within 24 hours of meow making the racist remarks, while multiple other major Solana DeFi coins also declined 5-10%. JUP’s drop occurred several hours following the comment. JUP traded flat on Saturday. Its price even increased relative to the other Solana DeFi coins immediately following meow’s post.
Jupiter has a killer feature called an aggregator, which automatically distributes user swaps to multiple exchanges in order to get the best price possible for its users. Jupiter offers more swaps per dollar than Phantom, Coinbase or other exchanges.
Jupiter is a big player in this area, we wrote before. However, competitors got a good idea after meow made a mistake.
DFlow’s Solana swap app came out from the shadows to post instructions about how developers can switch APIs off Jupiter. DFlow’s creator wrote “crypto needs a massive change culturally,” Citing meow’s blog as proof
“After the Meow posts on the weekend, I think [it’s] becoming clear to everyone that a reasonable competitor for their swap product has to come in,” Chris Chung told me via text that he is the CEO of Titan, a Solana based aggregator.
Chung also added: “value is everything,” Jupiter’s competition would need to perform significantly better than Jupiter for users to consider switching.
The institutional aspect could also be a part of the story, should it end up as a significant one. Risk-averse institutional investors in crypto are likely to look for professional-looking founders. Racial slurs posted on social networks will not be acceptable.
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