May 24, 2024

Brighton Journal

Complete News World

Solana-based tokens JUP and JTO have achieved major milestones: what about SOL?

Solana-based tokens JUP and JTO have achieved major milestones: what about SOL?
  • The market capitalization of JUP, Jupiter's native token, has exceeded $1 billion.
  • Other protocols like Jito have also seen growth.

Solana [SOL] It has managed to attract a large number of users to its ecosystem over the past few months. But it's not just SOL that has benefited from the influx of new users on the network.

Decentralized exchanges (DEXes) like Jupiter have also seen massive growth, which has translated into interest in the JUP token as well.

From Jupiter to the moon

JUP was one of the four largest newly issued tokens in 2024 with a market cap exceeding $1 billion. In the past 24 hours, JUP's price has risen by 6.04%. At the time of writing, the token was trading at $1.04.

Source: X/ThorHartvigsen

The exchange also performed well in terms of total transactions and activity, which rose significantly over the past month.

Source: Dab Radar

A thriving ecosystem

But Jupiter Exchange wasn't the only Solana protocol seeing growth. Other protocols, such as Jito, have also noticed a spike in interest. Jito is a protocol that helps handle their SOL quota.

At press time, JTO, the native token of the Jito protocol, was trading at $3.18 and its price had risen by 5.97% over the past month.

Despite the significant rise in the prices of these two tokens, social activity around the two tokens has shown negative signs over the past few weeks.

AMBCrypto data revealed that the social volume and weighted sentiment of both JTO and JUP have decreased significantly.

This indicates that despite the overall progress of these icons, they have faced a bump in the road in terms of gaining popularity across social media platforms.

See also  Could there be a deficiency? Inflation, supply chain issues still exist

It may take some time for these protocols to regain interest in the cryptocurrency sector in the future.

Source: Santiment

Although both of these protocols and tokens have declined in popularity, their progress points to the fact that the Solana network is not only benefiting from its popularity, but that its overall ecosystem is growing as well.

Read Solana's book [SOL] Price forecasts 2024-25

At press time, SOL was trading at $142.72, and its price had risen by 4.67% in the past 24 hours. SOL's trading volume also grew by 12.06% during this period.

It remains to be seen whether SOL will be able to maintain this rally in the long term.

Source: Santiment