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JUP weekly rise exceeds 22% Jupiter single-day DEX volume exceeds 1 billion USD
Gate News bot news, the native token JUP of Solana's leading DEX aggregator Jupiter surged 18% on Monday before retracting, becoming one of the top rising alts of the day. Meanwhile, Bitcoin broke through $109,000, driving a general pump in the Crypto Assets market.
Previously, Jupiter announced that it will launch a new lending product later this summer, leading to a pump in JUP. The platform is named Jupiter Lend, promising a loan-to-value ratio as high as 90%, far exceeding the average level of 75% for crypto assets lending, with fees as low as 0.1%.
However, some analysts indicate that the significant rise of the Token cannot be attributed to a single event.
Analyst Min Jung from Presto Research stated that this surge is more the result of a series of factors that "drive bullish sentiment" rather than a "single catalyst."
It noted that Huma Finance's token sale provided rewards for Jupiter's staking, and that the meme coin space is also showing signs of recovery. "From a macro perspective, the meme market is showing signs of rebounding, and Jupiter is poised to benefit from this recovery momentum," Jung said.
CoinGecko data shows that JUP is one of the mid-cap Tokens benefiting from the rekindled risk appetite, rising over 22% last week to $0.61.
Kadan Stadelmann, the Chief Technology Officer of the Komodo platform, believes that Jupiter is currently "riding the tailwind of Bitcoin" and points out that its pump aligns with the broader market rise triggered by BTC breaking historical highs and the downgrade of the U.S. debt rating.
"The higher the price of Bitcoin, the more innovation we will see in the industry from both existing projects and emerging projects," Stadelmann said.
While the price trend has caught the attention of traders, some believe this is a long-term validation of Jupiter's position in the Solana DeFi stack.
According to DeFiLlama, Solana's TVL has nearly doubled since April, from $11 billion to $20 billion, and Jupiter's trading volume has surged with it. Currently, Jupiter has a daily DEX trading volume of more than $1 billion, accounting for more than one-third of the aggregator market, second only to the DEX aggregator 1inch.
Source: Decrypt