Jupiter Price Surges Amid Expansion and Bitcoin Tailwinds

The native token of Jupiter Jup jumped to 18% on Monday before he recovered, and marked one of the top movements of the day between Grote Altcoins, while wider crypto markets were above $ 109,000 on Bitcoin’s break.

The sudden peak arrived after the largest dex aggregator Solana recently announced It would launch a new credit product later this summer.

The platform is called Jupiter Lend and promises the loan value ratios up to 90%, well above the average of 75%for crypto loans, and costs as low as 0.1%.

But a few analysts say that the sharp rise of the token cannot be attributed to a single event.

Min Jung, an analyst at Presto Research, said Decrypt That The peak was less about every “single catalytic converter” and more about converging developments that “bullish sentiment ride”.

The analyst pointed to the Huma Finance Sale, where the expansion of Jupiter is rewarded, as well as signs of life returning to the meme room.

“In the field of macro, MEME markets show signs of a rebound, and Jupiter is well positioned to take advantage of that renewed momentum,” said Jung.

The Macro Photo includes Bitcoin’s Rally to a $ 111,814 all time high last week; It currently trades at $ 109.003, a decrease of 0.2% in the last 24 hours, per Coentecko.

Jupiter was one of the different mid-cap tokens to take advantage of renewed risk lust, which last week rose by more than 22% to $ 0.61, Coingecko Data to show.

Kadan Stadelmann, CTO of Komodo platform, told Decrypt How Jupiter at the present moment ‘on the back of Bitcoin drives’, and noted that his profit was merged with a broader market collection that was fueled by BTC’s Breakout and the American debt reduction.

“The higher bitcoin, the more innovation we will see in the industry of sitting and starting projects,” said Stadelmann.

While the price action caught the attention of the traders, some see this as a validation in the longer term of the positioning of Jupiter in the Defi stack of Solana.

Spend against DecryptArjun Vijay, founder of the Indian Crypto exchange Giottus, almost doubled Solana’s TVL since April, from $ 11 billion to $ 20 billion, and a corresponding increase in trade volume of Jupiter.

“While the market stabilizes, the meeting of Jupiter is driven by strong basic principles instead of volatile hype,” said Vijay, in contrast to the user of the users followed on the Meme Coin Frenzy of January, who peaked with tokens of Figures such as President Donald Trump.

At the moment, Jupiter processes more than $ 1 billion in the daily DEX volume and holds more than a third of the aggregate market, the second only for Dex -Aaggregator 1 inchaccording to Defillama facts.

Edited by Sebastian Sinclair