JUP token pumped 25% after a 3B token burn, bullish buyback plan, and major moves in Solana’s DeFi game.
JUP token just went wild, spiking 25% in 24 hours after a huge 3 billion token burn and some major moves by the Jupiter team. If you’re not familiar, JUP is the native token for Solana’s top DEX aggregator, Jupiter. It’s used for rewards and governance on the platform.
The price surge took JUP to $1.22, with a market cap of $2.05 billion and 1.68 billion tokens in circulation. What’s the big catalyst? Well, on January 26, the team burned 3 billion tokens-pretty much 30% of the total supply-which certainly raised some eyebrows. Long story short, Jupiter also announced that 50% of the protocol fees will go towards buying back JUP tokens, adding even more bullish fuel to the fire.
This all went down at “Catstanbul,” Jupiter’s event in Istanbul, and it’s giving a major boost to Solana’s DeFi scene. Jupiter’s trading volume is over $7.19 billion in just 24 hours, showing how big it’s getting. Plus, the team recently bought a majority stake in Moonshot, a popular memecoin platform, further cementing its position.
With Solana’s DeFi ecosystem heating up, JUP looks ready to keep making moves.
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