Hey, guys and girls of the crypto world! 🌎 Today I'm bringing you a soap opera drama, one that keeps you glued to the screen. Remember Jupiter (JUP), the one that promised to be the queen of Solana exchanges? Well, hold on tight! Things just got ugly, and people are selling like crazy. 🤯
JUP: From the top to the bottom, what a downer! 😱
Imagine this: JUP, the primary token of Jupiter DEX, has dropped over 82% from its peak of $2.04 after its launch. That's like riding a roller coaster and suddenly having the track run out! 🎢 In the last month alone, it's plummeted 33%. It's currently at $0.3629, and those who got out in time were saved from a massacre! 😮
An investor who sold JUP when it was at $0.70 can't believe what's happening. He says that, being Solana's most famous cryptocurrency, no one expected it to go "useless"! 💔 And according to him, the fault lies with the token's lack of real utility and the team's been releasing too many tokens to the market. It's a very complicated mess!
To the rescue! Can Jupiter complete the mission? 🦸♂️
This is where things get interesting. Jupiter COO Kash Dhanda came out on June 19 with a bombshell announcement: the Jupiter Foundation is suspending the DAO vote! 🗳️ Why? To focus on strengthening the Jupiter ecosystem and the Jupiverse. Kash says they're at a pivotal moment for the future of DeFi, and there's no time to waste. Let's roll up our sleeves and get to work! 💪
A Solana fan supported this decision, saying it's an important step for JUP to recover. He even suggested the next step should be to remove the 30-day staking requirement to encourage more people to invest. Another crypto buddy also believes the DAO should ditch voting altogether, saying it wastes a lot of energy on "trivial controversies" while billions of dollars in market capitalization evaporate over small decisions. 🤯 He suggested they instead implement token buyback programs to benefit JUP holders and improve the price. Makes sense!
But all is not lost! Jupiter continues to earn big 💰
Despite the rock-bottom price and low public confidence, Jupiter isn't sitting still! They keep launching new products and achieving impressive things. On June 22nd, they announced that their DEX aggregator has already surpassed $1 trillion in cumulative trading volume! Yes, $1 trillion with a B for beast! 🤯 They've processed over 1.7 billion trades from 49 million unique users. That's more than any other decentralized exchange on Solana!
Plus, they launched the Jup Mobile app, a wallet for trading on Solana—quick and easy! And to really get you excited: in just 24 hours, Jupiter racked up over $3.8 million in transaction fees! That's more than Uniswap, the largest Ethereum DEX! 🤑 They also generated nearly $1 million in daily revenue, trailing only a few market giants!
Is a rebound coming? One expert says yes, and it's going to be strong! 🚀
Here comes the exciting part. A well-known Bitcoin trader, "Bitcoin Consensus," believes all these gains will eventually be reflected in JUP's price. He says the token is showing signs of a major reversal with a "double bottom" pattern on the daily charts! 📈
This crack predicts that JUP could rise to $0.96, which would be a 174% increase from current prices! Imagine! For this to happen, the price has to stay above the key support at $0.3371. If it fails to do so, things could get worse! But if the bulls (those buying) manage to push the price beyond $0.3889, we could see a sustainable recovery! The RSI (an indicator of whether something is oversold or overbought) is at 33, which means it is oversold, and that sometimes indicates that a rebound is near!
So, my people, is this the time to put some money into JUP, or is it better to stay on the sidelines? Stay alert! The crypto market is crazy, and we'll keep you up to date with everything that's happening! $SOL $JUP
