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Is Jupiter’s Next Leg Up Coming? Crypto Analyst Weighs In As JUP Surges 13%

Jupiter (JUP) has had a remarkable month, with its price skyrocketing over 150% in the last 30 days. Amid the crypto market slowdown and some controversies, JUP’s performance has maintained momentum.

Crypto Analyst Sees “Decent” Entry Spot For JUP

Jupiter’s JUP started the month trading around $0.63 and has seen the price jump 106% in 25 days. The token’s performance this month showed sideways price action before climbing to a new support level twice, which could suggest that another price surge is possible despite the turbulent week.

In an X post, renowned crypto analyst Altcoin Sherpa commented on JUP’s most recent performance as he wondered about the possibility of a leg up.

The analyst shared JUP’s price chart, which displayed the token’s sideways movement inside the $1.12-$1.47 price range for the past few days. The chart shows that the consolidation phase started after the token’s price jumped and unsuccessfully tested the $1.50 resistance level on March 16.

After a pullback to the $1.20 mark, JUP retested the resistance zone again on March 18, briefly reaching $1.60, but ultimately failed to maintain it. Following the unsuccessful attempts to climb, the price dipped even lower to the $1.10 support zone in the following days.

Since then, JUP has bounced back, hovering between the $1.15-$1.25 zone. The recent price consolidation looks “ok,” according to the analyst. He further highlights Bitcoin’s current stability, seemingly suggesting to Sherpa that JUP could repeat its March trajectory.

As a result, the analyst deems this moment as a “decent entry spot” for Jupiter’s token. Additionally, he has shown a positive sentiment towards JUP before, calling the token a “winner” that’s “gonna keep on winning.”

JUP’s Price Action

Recently, JUP’s Community showed some concerns after its co-founder Meow announced a controversial decision. Meow revealed on X that Jupiter would donate the SLERF limit order and DCA fees to the token’s presale participants.

This decision was taken without consulting the community, a crucial part of the project. After the criticism, Meow explained that “no JUP tokens were involved in the donation and, despite the turbulence in the community, JUP’s price didn’t seem to be affected.”

It’s worth noting that Bitcoin’s price showed stabilization signs over the weekend, as highlighted by Sherpa. This matters as JUP followed BTC’s trajectory closely over the last week. As the chart below shows, the Solana-based token mimicked the moves of the flagship cryptocurrency.

crypto, BTC, JUP

In the last 24 hours, Jupiter’s trading volume has surged 64.1%, with $214.7 million being traded. According to CoinMarketCap data, JUP’s market capitalization increased 8.5% in the past day, placing the token as the 65th largest cryptocurrency by this metric, with $1.77 billion.

Despite the negative 3.5% performance in the past week, the token exhibits a significant 71.8% price jump in the biweekly timeframe. At the time of writing, JUP is trading at $1.33, a 13.2% surge in the last day.

JUP, JUPUSDT; Jupiter, Crypto

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Solana’s Jupiter Reveals Three Token Candidates For Next Launchpad

Solana-based decentralized exchange (DEX) aggregator Jupiter recently announced the possible launch of three new tokens through its launchpad. The announcement follows the launch of its JUP native token via the LFG launchpad last week.

Solana’s Community Holds The Power?

After the scheduled closing of the JUP launch pool, Jupiter Exchange and its founder took X (formerly known as Twitter) to reveal the next steps for the Solana-based project.

As the pseudonym founder Meow stated, the LFG launchpad is Jupiter’s “initiative to grow the pie by helping great projects get the awareness, community, and users to thrive in the long term.” As a result, the founder presented three “OG” Solana projects to the community that could be part of the next launchpad.

The first candidate is Sanctum, a liquid staking service with “experience building the first SPL program used by stake pools, and liquidity sources like unstake.it.” The next project, Sharky, is an expanding NFT collateralization platform on Solana that allows “NFT holders to borrow and lend against NFTS to acquire leverage or earn yields.”

Closing the list, the cross-chain infrastructure provider deBridge is presented as a project that allows users to trade assets across chains in seconds without the need for wrapped assets or liquidity pools.

Jupiter’s founder highlighted that the community would have the final say in any project’s participation on the launchpad. Since LFG is a community initiative where Jupiter’s team “should play no role,” it’s up to the Solana users to discuss and decide if any projects are suitable for launch in the LFG platform.

Additionally, the post announced that the introduction process of the projects to the community would take part over the next two weeks through different channels, including special ones for each project and a summary on X. For the future, Jupiter’s team will provide application channels for other projects interested in participating.

Next Steps For The Project

On February 7, the project confirmed in an update that the launch pool was closing after seven days, as previously scheduled. In the process, 90 million JUP tokens were withdrawn and moved to a cold multi-sig wallet, effectively taking them out of circulation.

The project also announced that the launch pool was left with 65.5 million USDC, which would serve as a liquidity backstop for JUP.

However, the USDC will be removed over the next couple of months in $10 million batches to allow the JUP token to regain price discovery while simultaneously “assuring all participants that the team is committed to a long-term gradual withdrawal of USDC liquidity.”

The founder’s post shared Jupiter’s intention to initiate a decentralized anonymous organization (DAO) this month and “incrementally evolve it into the most dynamic, most productive and proactive DAO in space.”

Initially, the JUP DAO would focus on evaluating and approving launchpad projects, ratifying budgets for working groups, approving grants, and releasing budgets for ongoing community and ecosystem initiatives.

The team’s update specified the steps to encourage the community’s participation and to fund it with the capital to pursue important initiatives. The steps include distributing 75% of future LFG launchpad fees to the governance participants, “100M in JUP earned from the LFG launchpad for voting incentives, and 6.15M in operational funds from JUP Launch.”

JUP, JUPUSDT, Solana

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Solana: Jupiter (JUP) Price Tumbles Amid Controversy – Buy Now?

On Wednesday (January 31), the highly anticipated Jupiter (JUP) airdrop took place. Jupiter, a decentralized exchange aggregator built on the Solana blockchain, has been making waves in the crypto space lately, even surpassing Uniswap in terms of trading volume. However, the airdrop, while initially boosting JUP’s value, has been followed by controversy.

Jupiter (JUP) Airdrop Stats

Tom Wan, a researcher at 21.co, the parent company of 21Shares, commented on the magnitude of the airdrop, stating, “It was one of the largest airdrops on Solana ever, with over 440,000 addresses claiming 622 million JUP tokens, valued at approximately $3.6 billion. Remarkably, 54% of eligible wallets have yet to claim their JUP, leaving approximately 378 million JUP unclaimed.”

Wan went on to provide insights into the distribution of JUP tokens, revealing that a majority of claimants received less than 1,000 JUP. He stated, “59% of claimants, or 261,000 wallets, received only 200 JUP, while approximately 1,500 wallets received between 100,000 and 200,000 JUP. Notably, those who received higher airdrop amounts appear to be holding onto their JUP tokens, with 72% of recipients of less than 1000 JUP having already sold their tokens.”

Regarding the Solana network itself, it continued to perform exceptionally well during the airdrop event. Solana handled 13% more transactions than in the past 90 days, maintaining a block time of approximately 400 milliseconds. The network also experienced a surge in active addresses, reaching a one-year high on the day of the JUP airdrop. However, Solana handled this increased activity perfectly.

Despite the average transaction fee doubling compared to the previous day, it remains relatively low at around $0.017 per transaction. Additionally, the minimum priority fee on the Solana network remained at 0, indicating that the network still accommodated users’ transactions without significant fees.

JUP Price Quadruples, Then Plunges On Controversy

Initially, the JUP token’s price surged to over $2 on some exchanges, such as KuCoin, quadrupling its value. However, this enthusiasm was short-lived due to controversial actions taken by the Jupiter team. It allegedly conducted a large-scale public token sale, sparking outrage, fear, uncertainty, and doubt (FUD) within the crypto community.

Among others, crypto analyst Lord Ashdrake expressed his concerns, stating, “We literally bought into an OpenMarket sale for JUP, akin to an IPO on the stock market.” Similarly, Adam Cochran, a partner at CEHV, criticized the team’s actions, highlighting that they retained a significant portion of tokens without a lockup period.

So [Jupiter] gave 50% of token to themselves, it was not their first token, used their own platform which also paid self, pulled liquidity from the pool in cash, gave a cut to the dev team. So cash out $30m day one with no lockup, and still own 50%? Shitty antics throwing away reputation of what could have been a *very* successful business long term.

In response to the criticism, Jupiter co-founder Meow defended the team’s decisions, clarifying that they only sold 250 million JUP tokens and reduced the sales ratio from 20% to 2.5%. Meow emphasized the team’s willingness to experiment with new concepts and prioritize the community’s interests.

Meow stated, “We are doing so to figure out a good open market dynamic that prioritizes users, does not wreck early launch pool buyers, and does not demoralize community hodlers. We think this system is a good one because it compels the team to price it reasonably and strengthens alignment between early buyers, the team, and community hodlers.”

Buy Or Sell Jupiter (JUP) Now?

Despite the controversy, Jupiter presented impressive statistics for January, including being the most-used trading platform in DeFi, having a direct 80% organic volume, and being the most-used protocol on the Solana network. The project also ranked among the top 2 by volume on CoinGecko and was one of the leading perpetual platforms with $1.4 billion in volume over the past week.

So, while the Jupiter (JUP) airdrop may have faced initial controversy, the project is still showcasing remarkable potential. As it positions itself as a direct competitor to Ethereum’s Uniswap, the history of Uniswap’s UNI token price may suggest JUP’s promising future, provided it navigates its early tokenomics challenges effectively.

At press time, JUP traded at $0.6118 on Binance.

JUP price