Jupiter's JUP Token Spikes 40% After DEX Aggregator Announces Plans to Spend Half of Fees on Buybacks

Speaking at its Catstanbul event in Istanbul on Jan. 26, pseudonymous founder Meow said he wanted to make JUP the “most GOATed token,”

Solana (SOL) decentralized exchange (DEX) aggregator Jupiter announced on Sunday that it will use half of the platform’s fees to buy back its native JUP token. The announcement was made at the Catstanbul event in Istanbul on Jan. 26.

Pseudonymous founder Meow announced the buyback plans after revealing that JUP had become the 10th most-traded token on Solana. Before announcing the buyback plans, Meow said he wanted to make JUP the “most GOATed token,” referring to the “greatest of all time.”

The tokens will be kept in a “long-term litterbox,” Meow said. The remaining 50% of fees will go towards growth, future strategy and operational stability, he added.

The move comes after the DEX launched a $550 million airdrop on Jan. 22 and announced plans to burn three billion JUP tokens, currently worth $3 billion. JUP rose as high as $1.26 after the announcements before falling back to $1.07.

Meow also emphasized that he never wants Jupiter to sell tokens for operational expenses, saying, “JUP is not for expenses; JUP is for alignment. That’s why we spent a year building the treasury.”

Moonshot Acquisition

In addition to the JUP buyback announcement, Meow also revealed that Jupiter has acquired a majority stake in memecoin launchpad Moonshot. Moonshot shot to prominence in December with the launch of President Donald Trump’s Official Trump token.

Moonshot processed trading volume of $400 million during TRUMP’s launch. Moonshot briefly jumped to the top spot in the Apple App Store’s finance category during that frenzy. Moonshot makes buying memecoins easy through its integration with Apple Pay.

Moonshot also announced the launch of a $10 million fund for open-source artificial intelligence (AI) development.