Jupiter (JUP), the native token of the Solana-based perpetual exchange network, saw a significant surge of over 25% as traders reacted to several key developments. The token reached an intraday high of $1.25, marking a substantial increase from its earlier price of $0.9449. This rally positioned JUP as the top gainer in the market, with a market cap exceeding $2.03 billion.
The surge in JUP’s value can be attributed to a series of major announcements made during the first-ever event, Catstanbul 2025. One of the key announcements was the burning of 3 billion JUP tokens, valued at approximately $3.6 billion at current prices. This action effectively reduced the total supply of tokens by 30%, creating scarcity and driving up demand.
Furthermore, the founder of the exchange, known as Meow, revealed plans to allocate 50% of platform fees towards buying back JUP tokens and locking them in a long-term reserve. These mechanisms, along with details about expansion plans for the omnichain network Jupnet, have increased investor interest in JUP’s utility and potential growth.
JUP’s recent rally has also been supported by its growing prominence in the decentralized finance (defi) sector. The total volume locked within the protocol has been steadily rising, reaching $2.87 billion at press time. Additionally, the defi trading volume has surged from $415 million to $1.48 billion, indicating a significant uptick in investor interest.
Data from CoinGlass shows that demand from derivative traders has also increased, with open interest in JUP’s futures market reaching an all-time high of $363.92 million. Technical analysis of JUP’s price charts suggests a bullish trend, with the potential for a golden cross formation that could signal a continuation of the uptrend.
At the time of writing, JUP was trading at $1.18 per coin, with the potential to retest its highest point of $1.41 from December last year. A break above this level could pave the way for a move towards its all-time high of $2, representing a 40% increase from its current price level.
Overall, the recent developments and announcements surrounding Jupiter have sparked significant investor interest and propelled the token’s value to new heights. With a strong foundation in the defi sector and promising expansion plans, JUP is poised for further growth and success in the cryptocurrency market.