Solana's ecosystem was shaken by a significant announcement from Jupiter Exchange, revealing its ambition to develop the "Internet Capital Markets." However, this strategic shift was followed by a notable drop in the JUP token price, raising questions about its future.
Jupiter Exchange, one of the leading decentralized finance (DeFi) aggregators on the Solana blockchain, recently made an announcement dubbed “Internet Capital Markets.”
This announcement, shared through a tweet featuring a new stylized logo and the slogan “Internet capital markets. Powered by Jupiter.,” aims to underscore the platform’s significance as a central player in decentralized finance and token trading on Solana.
However, this tweet had already been posted by the Solana blockchain regarding X. In fact, this term has become a meme, referring to the economy of memecoins and the speculation surrounding these volatile tokens, often created around internet trends.
The platform’s native token, JUP, experienced a significant drop in the hours following the announcement. At the time of writing, JUP was trading around $0.4948 USD, showing a decline of over 13% in the last 24 hours, according to CoinMarketCap data.
This price movement raises several questions and can be attributed to a combination of factors:
Investors and platform users will likely await further clarifications, and the volatility of the JUP token could persist as the market digests Bitcoin‘s retreat.
JUP has two support zones in case of further downside: between $0.45 and $0.47 and between $0.40 and $0.42. If JUP breaks the support at $0.40, it will confirm its new uptrend. Its next resistance level is at $0.65.
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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