Jupiter token (JUP) has performed tremendously in the cryptocurrency market over the last 30 days, gaining an impressive 188%. During this time, major cryptocurrencies such as Bitcoin and Ethereum, which are leaders in the digital asset market, experienced volatility. In particular, the cryptocurrency market took a hit yesterday, with the Bitcoin price falling to $65,000 for the first time in more than a week, worrying many investors. Many altcoins, including Ethereum, were affected by this bearish wave. However, despite this temporary market downturn, Jupiter managed to maintain its value.
JUP experienced significant depreciation when it launched on January 31, a common trend faced by many new tokens. However, this was seen as an opportunity for investors to make profits and explore alternative projects, and the price dropped to $0.4. The starting price was just over $2.
Throughout February, the JUP price fluctuated, trading at an average level of 0.45 before experiencing a significant rise on March 1. However, today it is trading at $1.5 after rising. This shows that its value increased by 96% in just one week and 188% in one month. Additionally, an increased trading activity is observed regarding the token, with trading volume increasing by 113% to $1.5 billion in the last 24 hours.
Main Reasons for the Increase in Jupiter (JUP) Price
Jupiter’s ability to withstand market pressure has sparked a lot of interest among crypto investors and enthusiasts. In particular, the rise of JUP prices was driven by a number of factors. Questioning the reasons behind this rise is an important step in understanding the opportunities and potential Jupiter offers.
1. Introducing the LFG Launchpad feature
The Jupiter team’s determination to improve and expand the functionality of the ecosystem has led to a significant increase in JUP prices. This determination stands out as a critical element for the long-term success of the project. The team’s constant work to improve the user experience and better respond to the needs of the community has been effective in gaining the trust of investors.
The recently introduced LFG Launchpad feature played a key role in Jupiter’s success. This feature has allowed the successful introduction of meme coins with high transaction volumes. Jupiter’s focus on such projects has enabled the platform to appeal to a wide range of users and therefore increased the value of JUP.
Jupiter’s launchpad method takes a different approach than traditional launchpads. Unlike other platforms that rely on centralized entities, Jupiter gives the community a democratic vote in project selection. period offers. This approach ensures transparency, equality and inclusivity in the token launch process, creating a vibrant and dynamic ecosystem of the Solana network. This is a feature that distinguishes Jupiter from other platforms and gains the trust of investors.
2. Transaction volume
Jupiter’s increase of approximately 127.79% in the last twenty-four hours, reaching a record transaction volume of 1.2 billion dollars, was recorded as an important turning point in the market. This rapid increase was triggered by an influential factor in the market and the significant increase in trading volume contributed to increased liquidity with the participation of more buyers and sellers, thus market activity increased significantly.
This increase in trading volume indicates that JUP tokens are being heavily traded on various platforms. This increased activity is increasing interest in cryptocurrency, creating momentum among investors. Additionally, rising trading volume indicates increased liquidity, which makes it easier for investors to execute large orders, thus allowing the market to trade healthily without significant price fluctuations.
3. Value-Average feature
Jupiter’s growth has been fueled by the introduction of an innovative Value-Average feature, currently in beta. The feature in question played an important role in attracting users to the platform. This feature is a dynamic investment strategy that focuses on maintaining a balanced portfolio growth by adjusting investments according to market movements.
4.On-chain data
In addition, the JUP platform attracts attention with its data that has been steadily increasing recently. This increase is seen as a strong sign of increasing investor confidence. Jupiter aggregates liquidity from various DeFi platforms to provide users with affordable and efficient token swaps. This approach supports the reliability of the platform and growth in the user base.
Jupiter’s Total Value Locked (TVL) has exceeded $300 million, highlighting the reliability and attractiveness of the platform. Additionally, the platform temporarily surpassed Uniswap V3 to become the largest DEX (Decentralized Exchange), but subsequently returned to second place. This success demonstrates Jupiter’s strong position in the market.
Additionally, the Jupiter platform has experienced remarkable user base growth recently. As of the beginning of the month, $29.6 billion in total volume and 41.8 million transactions were processed through 1.5 million unique wallets. This reflects the effectiveness of the platform and its ability to attract users.
You can follow the current price movement here.
