Since the introduction of the merger with Dexlab, JUP has climbed by 21%.
Solana could get a deluge of meme tokens if token launches are easy.
According to Arthur Hayes, meme currencies are drawing developers to Solana.
Following the announcement of the integration of the Solana minting tool Dexlab into Jupiter Routing, the stock price of Jupiter increased by more than 21% in the last day. Arthur Hayes, co-founder of BitMEX, has said that meme currencies have been beneficial to the Solana ecosystem, and this integration comes at the same time.
JUP's consistent ascent
After touching $1.84 on Monday, Jupiter struck a two-month high. This comes after a stellar month for the DEX located in Solana, which saw a surge of almost 200% in March. After an initial steep decline after its airdrop, JUP has since recovered and is now trading at a much higher price. According to DeFiLlama, Jupiter's Total Value Locked (TVL) reached $386.38 million in March, up 82% from $211.84 million the previous month. This is in addition to the price rise.
The new price hike is in response to Jupiter's community requesting that X clarify Jupiter DAO and the platform's integration with Dexlab. The Jupiter team conducted many community calls to discuss the voting system for the DAO after launching it with $137 million (10 million USDC and 100 million JUP) in a multi-sig DAO wallet. Those who own JUP units are interested in this.
In addition, Jupiter's routing algorithm now incorporates Dexlab, an AMM and minting protocol built on Solana. Jupiter announced on X that Dexlab makes it easy to generate tokens and build liquidity pools for them.
Considering Jupiter's rising popularity and the rumored ease of using Dexlab's token minting capability, Solana could see an influx of new meme token launches. Solana already brags about starting a meme currency rally in March, when tokens like SLERF, Book of Meme, and dogwifhat (WIF) all made significant gains.
When used on their own blockchains, meme currencies may grow in value.
Despite widespread dismissal of these meme tokens, BitMEX co-founder Arthur Hayes argues that they really benefit the blockchain network upon which they are based.
"Solana price is going up because people are launching these meme coins on it and a new developer to this space says, 'Oh, this is interesting, I want to develop on Solana because I know I have users'," he added. He pointed out, "You can poo-poo these things as stupid and valueless but if it brings attention, if it brings more engineers to the space, then it's positive value to the chain itself."
Anatoly Yakovenko, co-founder of Solana, breaks his silence over the meme coins that have been flooding Solana, coinciding with Hayes' statements. "Personal behavior change towards something good is much more important than financialization of good," he said in a recent X post, after a discussion in the crypto community about that of meme currencies.