Solana’s JITO is creating a lot of buzz in the crypto market, mainly due to accomplishing a new milestone. Apparently, there was a massive surge in the trading volume of this token. Subsequently, this made the price surge before going through another phase of corrections. Here’s a much more detailed overview of this token.
What is Solana’s JITO?
- Solana’s JITO is a product of the JITO network, and it has its base in the Solana ecosystem. So, the Jito Network is a major contributor to the Solana ecosystem through its JitoSOL liquid staking pool. Furthermore, it also has a collection of MEV products, attracting more users. There are many reasons crypto enthusiasts are going for Solana’s JITO. Apparently, they can exchange their SOL for JitoSOL.
- The advantage of doing this is that they can maintain SOL’s liquidity and DeFi opportunities while earning yield from staking. Furthermore, when holding Solana’s JITO, users are more likely to get more rewards and incentives. The developers want to equitably distribute the profits and increase transparency by operating in a Maximum extractable value (MEV) network. Moreover, besides the incentives, this token also serves governance purposes. So, holders can contribute to decisions on the platform.
Solana’s JITO Hits $1.1B Daily Volume
- Recently, a lot of things are moving in the right direction for this project. So, one of the latest news in the crypto market was about Solana’s JITO hitting more than $1 billion in the daily trading volume. Apparently, this is quite massive, but it doesn’t come much as a surprise.
- It is not news that the Solana ecosystem is investors’ favorite at the moment. So, a lot of crypto projects on this platform are ballooning to new levels. Apparently, we have seen the likes of Bonk increasing to more than 800% in the past weeks. Hence, the recent increase of Solana’s JITO trading volume to $1.1 billion didn’t come as much of a surprise. Moreover, this project has a proper application, creating room for sustainability. Nevertheless, there were some market corrections on this project.
JitoSOL Goes Down in Price
- There was a massive price correction for the Jito token, sending the price and other metrics lower in value. Apparently, the correction happening on this token affected the daily and weekly price charts. So, at the time of writing, it is down by more than 8% in the past 24 hours. Furthermore, it looks even worse in the weekly charts at over 10% decline.
- Other metrics, such as the market cap and trading volumes, are also negative. Nevertheless, the only green metric here is the monthly chart, which is still up by over 50%.
Conclusion
Solana’s JITO is another token from the Solana ecosystem that is attracting a lot of investors. Apparently, one of the selling points was after the trading volume had an increase, reaching $1.1 billion. Nevertheless, traders need to be careful as there’s a massive price correction ongoing with the token.
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
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