- The $50M buyback program initiated by Jupiter Protocol functions to lower the circulating supply strength which should push JUP’s price upwards.
- Market fluctuations impact Jupiter Protocol intensely because traders have chosen to speculate and leverage their positions near the $0.90 price level.
- The $10.88M daily revenue from Jupiter allows experts to predict bullish price movement and indicates potential resistance at $0.7216.
According to data from DefiLlama , Jupiter’s revenue soared to $10.88 million in the past 24 hours, potentially linked to time.fun. This figure surpasses pump.fun’s revenue of $2.42 million during the same period, placing Jupiter at the forefront on the Solana platform. This positive move has led to an increase in Jupiter Price with the positive momentum circulating the market.
At press time,Jupiter (JUP) price was trading at $0.701, reflecting a 3.8% increase over the past 24 hours. The 24-hour price variation establishes itself within a moderate range from $0.6387 to $0.7216. The price movement is currently headed toward the $0.7216 resistance level which represents its 24-hour high. The potential continued buying pressure might drive Jupiter (JUP) price toward $0.73 – $0.75 as the price breaks out from its current level.
Jupiter Protocol Begins $JUP Buyback, Boosting Market
Jupiter Protocol has commenced its first repurchase of $JUP tokens, leveraging its substantial revenue from the past year to support buybacks. The initiative, which allocates 50% of the platform’s protocol fee income to repurchasing its native token, has already resulted in significant market activity.
With an estimated $50 million allocated for repurchasing $JUP tokens, the initiative represents approximately 2.4% of the token’s current $2.04 billion market capitalization. Recent transactions show that 4,885,370 $JUP tokens have already been repurchased at an average price of $0.683, amounting to a total of $3.33 million. The transactions are conducted on-chain through the Jupiter Litter Box address, ensuring transparency.The ongoing buyback program is expected to exert upward pressure on the price of $JUP by reducing the circulating supply.
JUP Liquidations Rise Amid Volatility
The JUP Total Liquidations extends from August 31 to mid-February, showing significant price fluctuations and liquidation trends. Initially, from September to November, JUP’s price experienced a steady increase, peaking around $1.50 in late November.
More recently, in mid-February, JUP’s price appears to be stabilizing near $0.90, with increased long liquidations, suggesting that leveraged buyers are facing liquidations due to sharp intraday price swings. The heightened liquidation activity overall signals increased speculation and leverage usage, making JUP highly sensitive to market fluctuations. If the price continues to rise above $0.90, it could challenge the $1.00 – $1.20 resistance levels, triggering further short liquidations, potentially driving prices higher.
