The price of Solana DEX Jupiter’s native coin, JUP, rallied by roughly 8% on Saturday because of considerable community progress. It is important to note that the DEX platform made strides such as securing a controlling interest in the crypto trading venue Moonshot.
Consequently, this boosted the intraday price of the token leading to drastic changes with market pundits predicting even greater improvements because of these changes.
JUP Price Bullish Amid Jupiter’s Moonshot & Sonarwatch Acquisition Plans
Jupiter’s JUP tokens had a bullish rise owing to plans for significant acquisitions. Meow, the co-founder of Jupiter, announced on January 25th that their Solana DEX has bought a controlling share of Moonshot, a crypto trading platform focusing on meme coins.
This was just after the Trump token event which attracted many new people leading to a lot of market talk and potential collaborations for the future of memes.
There’s more. Now, Jupiter’s DEX together with Sonarwatch, a Solana on-chain portfolio tracker, plans to incorporate a feature to track on-chain Solana activity. These strategic steps foster a positive market sentiment for JUP, which is evident in the rise in price recently.
Jupiter Goes Back Into Beta: What’s Happening?
According to a recent post from the community of the DEX, Jupiter is back in its beta phase. Several important functions are expected to be implemented in the upcoming weeks with the release of Jupiter Spot V2.
With the restructured architecture, innovations like Ultra Mode, RTSE, organic scoring, smart trigger orders, Jupiter Shield, mobile updates, and drastic improvements in the perps and JLP (which is a liquidity token for the rendition of the DEX’s perpetual platform) are anticipated. In turn, these developments are very promising for the market sentiment towards JUP.
Moreover, the Solana DEX incorporated a new feature permitting users to provide JLP as collateral while receiving USDC as a loan which helps bolster the stablecoin and enhances the APY for the JLP. All in all, this is another indicator of a positive JUP sentiment.
JUP Price Soars 10%
JUP token’s price has meanwhile rallied 10% to $0.9425 and the coin’s low and high for the 24-hour period were $0.8208 and $0.968 respectively. Overall performance of JUP token in comparison to the entire crypto market suggests recent ecosystem changes have shifted people’s opinions to bullish sentiment for the token. Such positive response from traders is shown by a 13% growth in intraday trading volume for tokens surpassing $440mn.
As per Coinglass data, the coin’s futures – open interest (OI) grew by 18% to $263.87 million. Meanwhile, derivatives volume increased by 30% to reach $1.08 billion. These indicators point to a bullish sentiment surrounding the asset, and increasing attention from the market spurred by the latest developments in the ecosystem.
