Jupiter is one of the big names to come out of the fast-growing Solana ecosystem. In the past week, Jupiter (JUP) is up by 48%, rallying from a low of $0.05313 to a high of $0.0094. This makes it one of the best performers as bulls retake the crypto market.
Jupiter is a decentralized exchange built on the Solana blockchain. Jupiter is built around the idea of the mass and safe access of blockchain technology to the public. By leveraging the power of high-tech encryption, Jupiter can offer highly secure decentralized applications to all types of clients – including those looking to build private networks.
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While it is a relatively new blockchain, Jupiter’s (JUP) adoption has been phenomenal. For context, Jupiter has overtaken Uniswap regarding trading volumes in the past day. This was after it hit trading volumes of $480 million in just 24 hours.
Jupiter’s massive rise has much to do with rapid Dapps development as developers and investors take advantage of the low fees. For context, many successful meme coins are trading on Jupiter, pushing up the volumes.
Investing in the Jupiter (JUP) token is relatively easy, too. Since it is not listed on major exchanges, the best way to buy it is through Uniswap (V2) or Pancake Swap (V2). This approach also gives investors an early start, as the price could rally even more once the big centralized exchanges start listing JUP.
Besides the short-term boost that it has gotten from airdrop news, investors expect Jupiter (JUP) to experience a similar rally to that of Uniswap (UNI) when investor activity shot up in 2020. This explains the rising attention around this token at the moment.
This article takes a close look at how JUP could trade going forward. We examine whether it can mirror the success of the big DEXs before it, such as Uniswap and Pancake Swap.
Jupiter Price Prediction
As of January 30th, 2024, at 12:11 PM GMT+3, Jupiter was trading at $0.008081, up by 40%. Trading volumes were on the rise, too, and had shot up by 227.45% in 24 hours.
Jupiter (JUP) buying volumes are rising, meaning that bulls are gaining control. However, they face significant resistance at $0.009347. If short sellers were to retake the market in the short term, they could expect to hit a wall of buyers at $0.005345, a price level at which Jupiter has seen a sharp bullish reversal in the last 48 hours.
Given the growing developer activity in the Solana ecosystem, Jupiter will likely continue seeing a surge in activity. This will likely reflect in its price going into the future.
Going into the future, many experts believe that Jupiter (JUP) could surpass its April 2023 high of $0.01 within the year. This will likely be driven by developer activity on the Solana ecosystem and the rising bullish sentiment in the crypto market ahead of the Bitcoin halving. Jupiter will likely face competition as more DEXs are built on the Solana ecosystem, so diligent investing is best.
JUP’s Price On The Rise But Investor Spotlight On Bull Token’s Parabolic Rally
While JUP’s price is rising, meme coins are giving even bigger returns in a shorter time. This has seen many investors move to diversify towards meme coins that offer high growth potential, such as Bull Token (BULL).
Bull Token is a new meme token running on the Binance smart chain. One of the key selling points of this meme coin is that it has a liquidity burn baked into its system. Bull Token is also a fully decentralized meme coin that is 100% owned and run by the community.
Bull Token is already getting lots of attention in the market and has been among the top trending meme coins in the last 24 hours.
Top Memes Gainers in the Last 24H@BullFinanceBSC $BULL@BozoCollective $BOZO@LyraOnSol $LYRA@TrollErc20 $TROLL@kingdomofkek $KEKE@Byte_Erc20 $BYTE@ponkesol $PONKE@Pond0x $PNDC@PUSSYFinancial $PUSSY@Memeaicoin $MEMEAI
Source: @CoinMarketCap pic.twitter.com/Z8vG1AZuj4
— Meme Moon Daily (@Memecoin_daily) January 30, 2024
This is a positive indicator that investors are taking interest in the token. It could mean that Bull Token is still undervalued even after a 100% price rally in 24 hours.
More notable is that Bull Token has a highly dedicated developer team that wants to see the cryptocurrency listed on as many crypto exchanges as possible.
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