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Cryptocurrency News Articles

Jupiter (JUP) Price Prediction as the Token Rises by 45% to $1.0273

Oct 21, 2024 at 11:27 pm

Jupiter, a popular player in the Solana ecosystem, rose to $1.0273 on Monday and then retreated to $0.9677. JUP has risen by over 45% from its lowest point in August, bringing its market cap to over $1.29 billion.

Jupiter (JUP) Price Prediction as the Token Rises by 45% to $1.0273

Jupiter (JUP), a popular decentralized perpetual exchange on Solana, has seen its native token rally by over 45% from its lowest point in August. The JUP price soared to a high of $1.0273 on Monday before retreating slightly to trade at $0.9677.

This recent surge in the JUP price can be attributed to the launch of active staking rewards on the network. According to a post by the developers on the X blog, 50 million JUP tokens will be distributed to active voters, who will also receive 7.5 million CLOUD tokens.

At the current market rates, the 50 million JUP tokens are valued at over $48 million, while the 7.3 million CLOUD tokens are worth about $2.7 million.

The launch of these active staking rewards has sparked a wave of enthusiasm among the Jupiter community, especially considering the last round of rewards, which saw 100 million JUP tokens being distributed to voters.

Moreover, Jupiter's impressive performance in the derivatives market has also contributed to the rally of its native token. Data from DeFi Llama shows that Jupiter's volume in the perpetual DEX industry surged by 82% to reach over $3.1 billion.

With this surge, Jupiter has become the second-largest exchange in the derivatives market after Hyperliquid, which handled over $6.98 billion worth of tokens. Other top names in the derivatives market include dYdX, SynFutures, and Vertex Edge.

Furthermore, Jupiter ranks fourth in the Solana ecosystem after Jito, Raydium, and Kamino, with over $1.42 billion in assets. In comparison, Raydium handled tokens valued at $7.69 billion in the last seven days, while Orca and Lifinity handled $2.74 billion and $1.18 billion, respectively.

Overall, the launch of active staking rewards and Jupiter's strong performance in the derivatives market have both played a role in the recent rally of the JUP price.

News source:www.banklesstimes.com

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