The price of JUP token has surged over 25% in the past 24 hours following the bullish market reversal and 3 billion token burn by the Jupiter team.
JUP is the native token to Solana’s largest decentralized exchange (DEX) aggregator Jupiter and it serves as a reward and governance token for the platform.
As per Coinmarketcap data, JUP price is currently trading at $1.22 – up 24% in the past 24 hours and 38% in the past 7 days. It has a market cap of $2.05 billion with 1.68 billion tokens in circulating supply.
The spike in JUP price has followed the recent burning of 3 billion tokens, representing nearly 30% supply, on 26th January. While the Solana ecosystem is already accelerating, this burning event has given a bullish boost to JUP’s market sentiment.
Moreover, the Jupiter team also announced on 26th January that 50% of the total protocol fees will go towards their JUP buyback plan. All these major decisions were announced at “Catstanbul” – a flagship event hosted by the Jupiter team in Istanbul.
As the DeFi ecosystem on Solana continues to rise, Jupiter gets the direct benefit of it being the largest Solana DEX aggregator. It has a trading volume of over $7.19 billion in the past 24 hours – as per a Dune Dashboard data.
Recently, Jupiter also made a bold move by acquiring a majority stake in Moonshot, one of the most popular memecoin trading platform.
