The price of JUP, the native token of Solana's largest decentralized exchange (DEX) aggregator, Jupiter, has seen a remarkable 25% increase over the past 24 hours. This price surge follows a significant market rebound and the burn of 3 billion JUP tokens, which accounts for nearly 30% of the total supply.
As of the latest data from CoinMarketCap, JUP is trading at $1.22, up 24% in the past 24 hours and 38% over the last seven days. With a market cap of $2.05 billion and a circulating supply of 1.68 billion tokens, the price jump signals renewed market confidence in the token.
Jupiter’s Market Sentiment Turns Positive
The token burn, which took place on January 26, has provided a bullish boost to JUP’s market sentiment. This move is part of a broader strategy by the Jupiter team to create scarcity and increase the token’s value. Additionally, the team has committed to using 50% of total protocol fees for a JUP buyback program, further supporting the token’s price.
These announcements were made during "Catstanbul," a major event hosted by the Jupiter team in Istanbul. With Solana's decentralized finance (DeFi) ecosystem on the rise, Jupiter, as the leading DEX aggregator, continues to benefit from increasing trading activity. Over the last 24 hours, Jupiter has facilitated more than $7.19 billion in trading volume, according to Dune Analytics.
Looking Ahead: Jupiter has also expanded its influence by acquiring a majority stake in Moonshot, a leading memecoin trading platform, positioning itself as a dominant force in the Solana ecosystem.
