In recent days, the JUP coin price has increased by over 20%. This rise occurred after Solana-based decentralized exchange Jupiter announced that it would make significant changes to its tokenomic structure. Meow, the co-founder of the platform, emphasized that the coming week is critical for JUP and the community.
Important development in JUP coin announced
Meow, Jupiter's anonymous co-founder, has announced a plan that envisages radical changes to the JUP tokenomic structure. This proposal includes significant adjustments such as a 30% reduction in the total JUP supply, a voluntary 30% cut from the team's allocated tokens, and a 30% reduction in âJupuaryâ emissions. In his post on the X platform on July 27, Meow stated that the next week will be important for JUP. Major development activities, voting processes and discussions will take place throughout the week. By the end of the week, there will be strong alignment and understanding between the Jupiter community, developers, JUP owners and related projects.
The JUP Essay marks the start of the big week and will continue on Tuesday with a community audit of the JUP tokens distributed so far. On Wednesday, the proposal to reduce the token supply will be put to vote. If the proposal is accepted, further increases in JUP may be observed due to supply-demand dynamics. The plan includes a 30% reduction in the total supply, i.e. the cutting of 3 billion tokens. This aims to strengthen the community by increasing the value of the JUP token.
Solana-based DEX is taking important steps
Earlier this month, DEX announced their strategic partnership and stated their goal of collaborating with industry leaders Chaos Labs and Gauntlet for long-term sustainability. The platform plans to adopt a more community-focused approach to its decision-making process. Solana-based DEX aims to continuously improve security measures and expand âheuristicsâ. Jupiter introduced the Ecosystem Token API, which combines token, market and partner details in a single platform.
JUP price is currently trading at $1.15, having increased by over 13% in the last 24 hours and over 20% in a week. The 24-hour lowest and highest prices were $1.01 and $1.13, respectively. Additionally, Jupiter trading volume increased by 20% in the last 24 hours, indicating increased interest among traders. According to one analysis, exceeding the $1 level will cause a golden crossover pattern to form. This means that buying pressure and bullish sentiment could push JUP to $2. The price increased by almost 50% in one month.
Other rising altcoins attracted attention
According to CoinGecko data as of July 27, Mother Iggy (MOTHER) is trading at $0.0826, up over $0.08, up 27.1%. According to HTX market data on the same date, Conflux (CFX) is trading at $0.1751, up 15.7% from above $0.175. Again, according to HTX market data, Velo (VELO) is trading at $0.0117, up 16.3% from above $0.011.
These developments show that there are significant movements in the cryptocurrency market and offer opportunities that traders should follow carefully. Jupiter's tokenomic reform and other cryptocurrency movements have the potential to change the dynamics of the market. Therefore, investors and crypto enthusiasts should closely monitor such developments and shape their strategies accordingly.
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