Functioning primarily as an advanced swap aggregation engine, Jupiter provides essential liquidity infrastructure for the Solana ecosystem through a wide range of DeFi offerings. Apparently, its services include perpetual trading, bridge comparator, Limit Order, and DCA/TWAP. Recently, a market surge pushed the native token, JUP, to emerge as a strong competitor, appearing as one of the top gainers in the market. Let’s explore JUP’s recent market performances, events causing these surges, and its TVL advantage.
Jupiter (JUP) Market Performances Make it a Strong Competitor
Jupiter’s (JUP) token launched on January 31st, although it was immediately hit with depreciation, which is common among airdropped tokens. Throughout February, it trailed through the $0.40 price range and refused to make any breakthrough until March. Apparently, JUP is having a breakthrough, with the price increasing as much as 55% within 24 hours on March 16th.
At press time, the price fluctuates around $1.30, and there’s already a weekly growth of over 70% from this token. Combined with the monthly 140x surge, this presents over 180x growth, with the market cap increasing to more than $1.8 billion. Despite only 13.50% circulating at the moment, Jupiter is attracting a trading volume of over $1 billion, staggering for a token launched less than three months ago. Apparently, growth in metrics makes JUP a strong competitor, helping it emerge in the top 10 gainers list at a point.
Why is JUP’s Price Increasing?
The introduction of the LFG Launchpad feature is the primary contributor to JUP’s mesmerizing market performance. Apparently, this integration improves and broadens the functionalities of the Jupiter protocol, with highly traded meme coins getting on board JUP’s ecosystem. Furthermore, the LFG Launchpad feature allows Solana projects to release community-backed tokens seamlessly. Moreover, this is in contrast to traditional launchpads that rely on centralized entities for project selection. The LFG Launchpad feature empowers the community, providing community inclusion, transparency, and equity within the Solana blockchain.
Secondly, Jupiter brought the spotlight again to themselves after announcing Value-Average (Beta), which enables users to auto-invest based on price action. Apparently, this product was introduced to help with timing the market, as Value-average (VA) buys more when prices drop and less when they rise. Furthermore, since it’s in a beta stage, they are calling on their community members to test it out and provide feedback. This led to shootouts from big crypto Twitter accounts, with @LawrenceGS saying the feature made Jupiter better than Uniswap.
Jupiter Derivatives Volume and TVL an Advantage
The derivatives volume and TVL of the JUP token are an added advantage, as they explain why the trading volume and market cap of this token are increasing drastically. According to DefiLlama, JUP’s derivative volume is higher than even much older projects, with over $718 million recorded on 18th March. Furthermore, the highest recorded was on 1st March at over $865 million. Also, JUP’s total value locked (TVL) looks positive, increasing to over $305 million. Apparently, the current TVL is larger than crypto projects such as Thorchain, Osmosis, Stacks, and Fantom.
Conclusion
Jupiter’s native token, JUP’s performance in the market, is mesmerizing, increasing by over 55% on March 16th. Apparently, this token launched in January, but it is already creating sensations, mainly due to collaborations and the introduction of new features. So, the launch of their LFG Launchpad feature and Value-Average (Beta) renewed investors and community interest. Moreover, the derivatives volume and TVL of JUP serve as another advantage, with each of them increasing by over $800 million and $300 million, respectively.
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.
