- The market cap of JUP, the native token for Jupiter, crossed $1 billion.
- Other protocols such as Jito also saw growth.
Solana [SOL] managed to attract a large number of users to its ecosystem over the last few months. But it isn’t just SOL that has benefited from the influx of new users on the network.
Decentralized exchanges (DEXes) such as Jupiter also witnessed immense growth, which translated into interest in the JUP token as well.
From Jupiter to the Moon
JUP was one of the top four newly issued tokens in 2024 with a market value exceeding $1 billion. Over the last 24 hours itself, the price of JUP has grown by 6.04%. At press time, the token was trading at $1.04.
Source: X/ThorHartvigsen
The exchange also did really well in terms of overall transactions and activity, which surged significantly over the past month.
Source: Dapp Radar
A flourishing ecosystem
But Jupiter Exchange wasn’t the only Solana protocol that was witnessing growth. Other protocols, such as Jito, also observed a spike in interest. Jito is a protocol that helps address stake their SOL.
At press time, JTO, the native token for the Jito protocol, was trading at $3.18 and its price had surged by 5.97% over the past month.
Despite the surge in price of both these tokens, the social activity around the tokens was showcasing negative signs over the last few weeks.
AMBCrypto’s data revealed that the Social Volume and Weighted Sentiment for both JTO and JUP had declined significantly.
This indicated that, despite the overall progress of these tokens, they had hit a bump in the road in terms of gaining popularity across social media platforms.
It may take some time for these protocols to regain interest of the crypto sector in the future.
Source: Santiment
Despite the waning popularity of both these protocols and tokens, its progress pointed to the fact that not only is the Solana network is benefitting from its popularity, but its overall ecosystem is growing as well.
Read Solana’s [SOL] Price Prediction 2024-25
At press time, SOL was trading at $142.72 and its price had grown by 4.67% in the last 24 hours. The volume at which SOL was trading at had also grown by 12.06% during this period.
It remains to be seen whether SOL manages to maintain this rally in the long run.
Source: Santiment
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