Jito (JTO) Token Soars 37% to 2-Month High as Solana's (SOL) Meme Coins Market Cap Hits $12B

Jito, the biggest staking network on Solana, is performing well as assets in its ecosystem soar to a record high.

Jito (CRYPTO: JTO), the largest liquid staking network on Solana (CRYPTO: SOL), is performing well as assets in its ecosystem soar to record highs.

The Jito (JTO) token rose to the key resistance point at $2.50, marking its highest swing since September 30 and a 37% gain from its lowest level this month.

Data showed that the amount of assets staked in the network surged to a record high of $2.3 billion, significantly higher than the January low of $247 million. Jito’s total value locked rose to 13.20 million in Solana (SOL) terms.

More data indicated that Jito’s user base surged to 116,000, while monthly fees hit a record high. It generated $50 million this month, a substantial increase from the $13 million earned in September. Moreover, the number of Jito token holders climbed to 55,000.

Key player in blockchain: Data from TokenTerminal showed that Jito has become one of the most profitable players in the blockchain industry. It generated $295 million in fees this year, while Solana earned $404 million.

These numbers suggest that the network is thriving as Solana emerges as the most popular blockchain this year.

Data from CoinGecko showed that Solana’s meme coins reached a market cap of $12 billion. The largest tokens in the ecosystem are Dogwifhat, Bonk, and Popcat, which have valuations of $2.5 billion, $1.58 billion, and $1.5 billion, respectively.

Solana also surpassed Ethereum in terms of cryptocurrencies traded this month, handling tokens to the tune of $39 billion, while Ethereum’s volume was $31 billion.

What is Jito? Jito is a liquid staking platform that allows users to generate yields by depositing Solana. It is often considered a superior alternative to traditional staking because users can withdraw their funds at any time.

Jito also launched a (Re)staking solution, which enables users to earn additional rewards by delegating their already staked assets. On October 23, the network welcomed Temporal as a new node operator for its (Re)staking solution.

JTO technical analysis: The daily chart showed that the JTO token found a strong bottom at $1.8415, where it failed to move lower since July, marking the lower side of the descending triangle pattern.

Jito cleared the descending line of the triangle pattern. It also moved above the 25-day and 50-day Exponential Moving Averages and the 78.2% Fibonacci retracement level.

Hence, the token may continue its ascent, with the next target being $3.3345, the 50% retracement level and the highest swing on June 31. This price is around 41% higher than its October 24 level.