#Jupiter(JUP) #jup #jupiter $JUP Jupiter Expands Reach With Majority Stake In Moonshot
Jupiter Expands Reach With Majority Stake In Moonshot
Jupiter, a leading perpetual exchange network on the Solana blockchain, announced the acquisition of a majority stake in Moonshot, a company that enables users to buy and sell meme coins on Android and iOS devices. The acquisition, confirmed Sunday, marks a significant move by Jupiter to capitalize on the growing popularity of meme coins.
Meme Coin Craze Fuels Moonshot Growth
Moonshotโs popularity has surged this month, fueled by the launch of meme coins by high-profile figures like Donald and Melania Trump. According to DeFi Llama, Moonshotโs daily fee revenue hit a record $6.3 million on Jan. 20, up significantly from less than $50,000 on Jan. 1. The surge is evidence of the growing demand for meme coins, which have become a significant force in the cryptocurrency market.
Solana Ecosystem Momentum
Jupiterโs acquisition of Moonshot suggests the company is betting on the continued momentum of the Solana ecosystem. With a market cap of over $20 billion, Solanaโs meme coins have become a significant player in the cryptocurrency market. Major Solana meme coins, including Official Trump (TRUMP), Bonk, Pudgy Penguins, and Dogwifhat, have garnered significant attention and investment.
Jupiter's Growing Presence
Jupiter has established itself as a key player in the decentralized finance (DeFi) industry, with a total value locked of $2.4 billion. The company has handled over $208 billion in volume since its inception and has seen its weekly volume grow to $15 billion, driven by gains in the Solana ecosystem. Jupiterโs JUP token also saw significant growth, rising 15.7% following the news of the Moonshot acquisition.
Tokenomics Reform
In June, Jupiterโs pseudonymous founder Meow proposed a significant overhaul of JUPโs tokenomics, suggesting a 30% reduction in the total supply of JUP tokens. The move is intended to increase the tokenโs value and rarity, making it more attractive to investors.
Expanding Reach and Recognition
Jupiterโs acquisition of Moonshot represents a significant expansion of its reach and recognition in the cryptocurrency market. As one of the largest liquidity aggregators on the Solana blockchain, Jupiter has established itself as a key player in the DeFi industry. With a growing presence and expanding offerings, Jupiter is well-positioned to benefit from the growing demand for cryptocurrencies and DeFi services.
Source: Jupiter Acquires Majority Stake in Moonshot | Crypto.news
Source: Jupiter Acquires Majority Stake in Moonshot | Crypto.news
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