In the past 24 hours, amidst an overall crypto market decline, native token Jupiter (JUP) has experienced a 6% growth, marking one of the best performances. This growth followed the announcement by the decentralized exchange based on Solana (SOL) that it plans to burn a portion of JUP tokens, allocating half of its fees to repurchasing tokens from the market. In a recent event named ‘Catstanbul 2025,’ Jupiter’s anonymous founder, known as Meow, revealed two main programs to increase the value and utility of JUP tokens. The first program involves burning 3 billion JUP tokens worth approximately $3.6 billion to reduce supply and boost confidence. The second program includes repurchasing tokens using 50% of the protocol’s fees, storing them in a ‘long-term fund’ to help stabilize value. The remaining income from fees will be allocated to platform growth and operational stability assurance. These actions have increased the value of JUP tokens, reaching its 30-day highest level of $1.28 on Monday. Currently, buying activities continue, with the open interest for future contracts of this token reaching $364 million, a 25% increase from the previous day. The rising open interest alongside price growth indicates increased market participation and bullish sentiment. Additionally, JUP’s positive funding rate of 0.0074% signals a growing demand for long positions. At the time of writing, JUP is priced at $0.9715. If buying pressure persists, the price could reach $1.08 and potentially $1.22. However, if the market turns towards profit-taking, the price might drop below the support level of $0.95 and decrease to $0.81.
