The storm of buybacks at Jupiter Exchange is coming! Can the price of JUP soar to the sky?
Recently, Jupiter Exchange has made significant moves, as they have started the buyback plan for JUP tokens, recovering nearly 5 million JUP from protocol fees in just 20 hours.
This is no small feat and clearly shows confidence in the future of JUP, daring to place such a bet during a market downturn.
The support price for this buyback is set at $0.70, indicating that Jupiter intends to stabilize at this price level and gradually push towards the high of $1.40 in December 2024. I must say, this strategy is quite bold, but also very promising.
The benefit of buybacks is that they can reduce the circulating supply in the market. If demand can remain steady or even increase, then the price of JUP will naturally rise.
However, this is not a cure-all; if the overall environment remains poor, relying solely on buybacks may not be enough to drive the price up. Investors should keep their eyes peeled and closely watch what Jupiter does next.
If Jupiter can maintain the momentum of the buybacks, then confidence in JUP will surely strengthen, possibly attracting more investors. But if they run out of steam, then the price of JUP could be in jeopardy, especially while the market is still declining.
Jupiter's actions this time serve as a good example of how exchanges can manage token economics. Whether JUP's price can rise will depend on market reactions.
If market sentiment improves, JUP might really reach $1.40. But if the market remains sluggish, JUP may linger at low levels for a while.
Overall, the buyback situation needs to be viewed from both sides: on one hand, it can raise the token's price, and on the other, it also depends on the market environment. Investors need to be rational and not get carried away just by the buybacks.
In terms of the upcoming layout direction, I will guide everyone to aim for the lucrative opportunities in altcoins, with an expected upside of over 10 times not being a problem. Like and comment to join me in strategizing for the entire bull market!
