Jupiter’s altitude surges by more than 60%
Over the past week, the price of Jupiter (JUP) has surged by 61%. This comes as positive news for the project, as it has a market capitalization of $1.7 billion and a trading volume of over $991 million in the last 24 hours, despite experiencing a price dip to $0.0479 in January.
Jupiter plays a crucial role as a liquidity aggregator for Solana, acting as a bridge between various DEX markets and AMM pools. A technical analysis of Jupiter’s price patterns reveals some interesting trends.
From January 31, the JUP token saw a decrease of $0.04, and it struggled to stay around the support level of $0.05 from February 13 to March 7. However, on March 13, the token experienced a bullish surge that drove the price up to $1.15, marking a significant increase of over 234% from the support level of $0.04.
When compared to Bitcoin (BTC) and Ethereum (ETH), it becomes evident that Jupiter’s price often follows the same direction as these two leading cryptocurrencies. Furthermore, trend patterns and technical analysis indicators predict a bullish trajectory for Jupiter’s price in the coming years, with price predictions ranging from $1.5 to $4 by 2030.
The Jupiter airdrop has also made headlines in the cryptocurrency market due to its massive scale and impact on the Solana blockchain. Approximately $700 million worth of JUP tokens were distributed to almost a million wallets, making it one of the largest token distributions on Solana to date.
Following the airdrop, the price of JUP immediately surged upon its launch, starting at $0.41 and peaking at $0.72. This resulted in a fully diluted market capitalization of over $6 billion for JUP.
The airdrop had a total supply of 10 billion JUP tokens, and eligibility was based on users’ interactions with Jupiter before November 2, 2023. The distribution plan included four rounds of airdrops, with different tiers of users receiving varied token allocations based on their trading volume and engagement with the platform.
Despite some challenges during the launch, such as RPC nodes struggling to keep up with user demands, the Solana network maintained 100% uptime during peak activity. The airdrop not only facilitated token distribution but also served as a test for Jupiter’s infrastructure and liquidity pool designs.
However, it is important to note that changes in regulations or government policies regarding cryptocurrencies could impact investor sentiment and market dynamics, potentially affecting Jupiter’s price trajectory.
As of now, Jupiter is currently trading at $1.27, according to data from CoinGecko.
