Jupiter Exchange has proposed a plan to reduce the supply of its native token, Jupiter (JUP), by 30% over the next six months.
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The plan involves burning tokens held by the development team, which will decrease the total supply from 10 billion to 7 billion. This reduction in supply is expected to improve transparency and better align with the goals of the JUP community.
Jupiter (JUP) Token Burn Proposal and Market Impact
Jupiter Exchange has proposed a $2.88 billion token burn, which would be the largest in cryptocurrency history. This plan, pending approval from the Jupiter Exchange DAO vote, aims to reduce the total supply of JUP tokens from 10 billion to 7 billion. The reduction is expected to create scarcity, potentially increasing the token’s value. Co-Founder Weremeow has highlighted that the gradual burn will enhance long-term investor confidence and stability.
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Since the announcement, the JUP token has been on the rise, breaking out from a falling wedge pattern. The price action shows a trend of higher highs and higher lows since mid-June, with the token staying above the 50-day EMA. However, recent market activity has formed a double top pattern, which could be a cautionary sign if prices fall below the $0.95 neckline.
Jupiter (JUP) Token Burn Proposal and Market Outlook
The proposed 30% reduction in Jupiter (JUP) token supply aims to create scarcity and boost investor confidence. With immediate support at $0.88, maintaining bullish momentum is crucial for JUP. Resistance levels are set at $1.11 and $1.28, where previous attempts to surpass these prices have failed. Currently, the Relative Strength Index (RSI) is at 51.96, indicating moderate bullish sentiment without being overbought. Additionally, the MACD line confirms bullish momentum, supported by steady trading volumes.
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Despite the optimistic outlook, there are risks to consider. A decline below the $0.68 price level could challenge the bullish thesis and signal market weakness, potentially causing JUP to revert to the next major support level at $0.49.
In summary, the token burn proposal, if approved, is expected to enhance token scarcity and drive significant price momentum. Investors should monitor key support and resistance levels closely to navigate potential market changes effectively.
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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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