Jupiter, a Solana-based perpetual exchange network, has been making waves in the cryptocurrency market with its native token, JUP, surging over 25% in a single day. This price surge comes on the heels of several major announcements made by the platform during its first-ever event, Catstanbul 2025.
At the time of writing, JUP had reached an intraday high of $1.25, marking it as the top gainer in the market with a market cap exceeding $2.03 billion. The token’s impressive performance can be attributed to a series of ecosystem updates unveiled at the event, including the burning of 3 billion JUP tokens, which accounts for 30% of the total token supply.
Furthermore, Meow, the founder of Jupiter, revealed plans to allocate 50% of the platform’s generated fees towards buying back JUP tokens and locking them in a long-term reserve. These strategic moves aim to reduce the circulating supply of tokens, creating scarcity and driving up demand for JUP.
Investor interest was also piqued by the expansion plans for Jupnet, Jupiter’s omnichain network that aggregates liquidity across multiple blockchains. JUP is poised to play a crucial role within Jupnet, enhancing its utility and value proposition.
In addition to these developments, JUP has been gaining traction in the decentralized finance (defi) sector, with the total volume locked within the protocol surpassing $2.87 billion. Defi trading volume has also seen a significant increase, rising from $415 million to $1.48 billion in a short period.
Derivative traders have shown growing interest in JUP, with open interest in the token’s futures market reaching an all-time high of $363.92 million. This surge in demand from both retail and institutional investors has propelled JUP to become the most-bought token by smart money in the last 24 hours.
From a technical analysis perspective, JUP’s price has remained above the 50-day and 200-day moving averages, with a potential golden cross formation on the horizon. The MACD and price oscillator lines are also indicating increasing buying pressure, suggesting a continuation of the current rally.
Based on these indicators, JUP could retest $1.41, its previous high from December, with a potential breakout towards its all-time high of $2. Currently trading at $1.18, JUP is poised for further upside potential as investor interest and market dynamics remain favorable.
As Jupiter continues to make strides in the cryptocurrency space, the future looks promising for JUP and its community of supporters. Stay tuned for more updates on Jupiter’s exciting journey in the crypto market.