Solana-based exchange Jupiter’s token surged 25% after major announcements.
After reaching a high of $0.9449 earlier in the day, Jupiter has reached an intraday high of $1.25 at the time of this writing. As a result of today’s rise, JUP is now the most valuable stock, with a market capitalization of more than $2.03 billion.
The native token of the exchange has created consecutive green candles in the midst of a high-volume trading environment. This comes at a time when important ecosystem changes were announced at the exchange’s very first event, which was called Catstanbul 2025.
Why is JUP going up?
Jupiter destroyed three billion JUP coins during the event that took place over the weekend. At the present pricing, these tokens are worth around $3.6 billion. Burnt tokens make up thirty percent of the overall quantity of tokens.
Additionally, Meow, the pseudonymous founder of the exchange, revealed plans to donate fifty percent of the fees produced on the platform to the purchase of JUP tokens and the subsequent storage of those tokens in a long-term reserve.
These measures restrict the overall supply of tokens that are in circulation, so creating scarcity, which might cause the value of the token to increase as demand for it increases.
Other news that grabbed the interest of investors included specifics regarding the expansion plans for the company’s omnichain network Jupnet. Jupnet is a decentralized ledger that aggregates liquidity from many blockchains into a single ledger.
There is an expectation that JUP will play a significant role within Jupnet, which will result in an increase in its utility. A further factor that has contributed to JUP’s recent surge is the increasing significance it is gaining in the defi industry.
As of the time of this publication, the total amount that is locked within the protocol has been continuously increasing over the previous week, and it has increased by more than 21% since January 14th, reaching $2.87 billion.
In the meantime, the amount of its defi trading has increased from more than $415 million on January 24 to $1.48 billion on Monday, which serves as evidence of an increase in investor interest.
According to data provided by CoinGlass, demand from derivative traders has also increased over the previous couple of days. Yesterday, open interest in JUP’s futures market reached its all-time high of $363.92 million, which can be considered the highest level of interest ever recorded.
JUP price analysis
With the shorter moving average (MA) ready to cross over the longer one, which might lead to the formation of a golden cross, the price of JUP has maintained above the 50-day and 200-day moving averages on the daily chart.
If the confirmation of this crossover occurs, it may indicate that the rise will continue, with bulls seizing control of the market. During the writing process, the MACD and price oscillator lines were also pointing in an upward direction.
Because of this, the buying pressure on the alternative cryptocurrency is growing, which has the ability to fuel the continued rally of the cryptocurrency. The JUP might extend its run to retest $1.41, which is its highest position since December of the previous year, if these indicators continue to hold true.
A break above this level might pave the door for a move toward its all-time high of $2, which would represent a forty percent rise from its current price level. The price of a single JUP coin was $1.18 at the time of this publication.
